Bitcoin price prediction: Bitcoin retests $36,500, prepares to move higher?

Description

TL;DR Breakdown BTC finds resistance at $40,000 again. Closest support at $36,500. Next target at $42,000 Today’s Bitcoin price prediction is bullish as the market rejects further downside around the $36,500 support. Therefore, we expect BTC/USD to move higher over the following days to breach the $42,000 mark. The overall market trades in the red … Read more

TL;DR Breakdown

  • BTC finds resistance at $40,000 again.
  • Closest support at $36,500.
  • Next target at $42,000

Today’s Bitcoin price prediction is bullish as the market rejects further downside around the $36,500 support. Therefore, we expect BTC/USD to move higher over the following days to breach the $42,000 mark.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has decreased by 3.6 percent, while Ethereum slightly more than 6 percent. Cardano (ADA) and Ripple (XRP) are among the worst performers with a loss of 9 percent.

BTC/USD opened at $38,556 after a slightly bearish close yesterday. From there the market moved lower overnight and reached the current local support at $36,500. As long as the support level holds, we expect BTC/USD to move higher over the remaining days.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $36,587 – $40,379, indicating a strong amount of volatility. Trading volume has decreased by 14.6 percent, while the total market cap stands at $692.7 billion. 

BTC/USD 4-hour chart – BTC moves lower overnight

On the 4-hour chart, we can see BTC attempting to break below the $36,500 support over the past hours.

Bitcoin price prediction: Bitcoin retests $36,500, prepares to move higher?
BTC/USD 4-hour chart. Source: TradingView

The overall market still trades with a bearish price action structure. After peaking below the $59,000 resistance at the beginning of May, the market retraced around 50 percent, until support was found at the $30,000 mark. 

From there, the Bitcoin price action rallied to the $42,000 mark, where strong resistance was seen. Earlier this week, BTC/USD moved lower and found support at the $32,000 mark. Since then another slightly lower was established around $40,000 resistance. Therefore, BTC currently trades in an increasingly tighter range.

Once Bitcoin can reach above the $42,000 mark, we expect the market to start pushing higher over the following weeks to reach the previous all-time high. Alternatively, if the $36,500 support breaks, we should see further sideways consolidation over the next days until a base from which to move higher is established once again.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market still holds above the $36,500 support after consolidation over the past few days. As long as the support holds, BTC/USD should see another push higher later today.

While waiting for further Bitcoin price action development, read our guides on how to buy Cardano, Bitcoin market dominance, and how to mine Zcash.

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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