Bitcoin price prediction: Bitcoin continues to consolidate around $44,000, push higher today?

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TL;DR Breakdown BTC retests support at $43,000 overnight. Resistance at $45,000 still holds. Next resistance at $47,000.  Today’s Bitcoin price prediction is bullish as the market continues respecting support around $43,000. Therefore, unless further downside is set, we expect BTC/USD to move higher over the next 24 hours. The overall market trades with relatively calm … Read more

TL;DR Breakdown

  • BTC retests support at $43,000 overnight.
  • Resistance at $45,000 still holds.
  • Next resistance at $47,000. 

Today’s Bitcoin price prediction is bullish as the market continues respecting support around $43,000. Therefore, unless further downside is set, we expect BTC/USD to move higher over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The overall market trades with relatively calm price action over the last 24 hours. Bitcoin has lost 1.15 percent, while Ethereum 1.67. Among the worst performers is Cardano (ADA) as it has lost 5 percent. Meanwhile, Litecoin (LTC) is among the best performers as it gained 7.3 percent.

BTC/USD opened at $43,571 after a strong bearish close yesterday. Since then, BTC/USD retested the $43,000 support and started moving sideways in an increasingly tighter range, indicating that the market is preparing a base from which to move higher later this week.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $42,207 – $45,812, indicating a moderate amount of volatility. Trading volume has dropped by 22.2 percent and totals $62.7 billion. Meanwhile, the total market cap trades around $843 billion, resulting in market dominance of 40 percent.

BTC/USD 4-hour chart – BTC 

On the 4-hour chart, we can see Bitcoin forming a consolidation from which to move higher this week.

Bitcoin price prediction: Bitcoin continues to consolidate around $44,000, push higher today?
BTC/USD 4-hour chart. Source: TradingView

The overall market still retraces after setting a new all-time high of around $65,000 in the middle of April. Since then, two strong bearish waves were seen, with the first one resulting in a loss of over 25 percent. From there, BTC/USD moved towards the $59,000 resistance and set a major lower low. Over the past days, another push to the downside was seen and resulted in another 30 push lower. 

Therefore, Bitcoin price action has potentially finished an ABC retracement pattern. Once support is established later this week, we could see Bitcoin move higher over the upcoming weeks as bulls regain control.

However, for now, the market price action is still bearish. Support around $43,000 has been retested, indicating that bears are unable to push the market any lower. This should lead towards a move higher over the next 24 hours, with the closest resistance target at $47,000.

From there the market will likely set a higher low, from which bulls will build momentum to push towards new all-time highs.

Alternatively, if the $43,000 support does not hold, we should see further downside to the $41,000 mark. If this level is reached, the overall, several-week Bitcoin price action structure would look increasingly bearish.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market price action has established a consolidation above the $43,000 support. Therefore, we expect further upside later this week as the market prepares to retrace some of the loss seen over the weekend. 

While waiting for further Bitcoin price action development, read our guide on Bitcoin left to mine, how to invest in Bitcoin, as well as best wallets for 2021.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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