Description
TL;DR Breakdown BTC retests support at $47,000. Next resistance at $51,500. Next target at $53,000. Today’s Bitcoin price prediction is bullish as the market starts to move higher after retesting the $47,000 support once again overnight. Therefore, we expect BTC to move above the $51,500 minor resistance level and reach the next major resistance at … Read more
TL;DR Breakdown
- BTC retests support at $47,000.
- Next resistance at $51,500.
- Next target at $53,000.
Today’s Bitcoin price prediction is bullish as the market starts to move higher after retesting the $47,000 support once again overnight. Therefore, we expect BTC to move above the $51,500 minor resistance level and reach the next major resistance at $53,000.
The overall market has recovered over the last hours, resulting in a bullish 24 hour performance. Bitcoin has returned above the $50,000 mark and trades with a gain of 2.8 percent. Meanwhile, Ethereum looks to move back above the $4,000 mark and has gained almost 6 percent. Dogecoin is still among the best performers, with a gain of almost 34 percent.
BTC/USD opened at $49,682 after rejecting further downside yesterday below the $47,000 mark. Overnight, BTC retested the support and has started slowly moving higher ever since, with the $50,000 mark regained. Therefore, we expect further upside over the next 24 hours, with the $51,500 first resistance to be broken.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $47,084.73 – $50,830.63, indicating moderate volatility. 24 hour trading volume has decreased by 22.3 percent and stands at $75 billion. Meanwhile, the total market cap trades around $943.5 billion, resulting in market dominance of 40.78 percent.
BTC/USD 4-hour chart – BTC moves higher after retesting the $47,000 support
On the 4-hour chart, we can see BTC moving higher over the past hours as bulls try to regain control.
The overall market still struggles to regain its bullish momentum after a strong retracement of over 25 percent was set from the all-time high of $65,000. Support was found around the $47,000 mark on the 23rd of May.
From the $47,000 support, BTC made several moves higher until resistance was found around the $59,000 mark. After moving sideways for several days, BTC made another move lower on the 12th of May as further upside was rejected.
From there, the Bitcoin price dropped by 20 percent until support was found around the previous major support level at $47,000. Yesterday, Bitcoin found resistance around $51,500 after an initial push higher. After another brief retest of the $47,000 mark later, the market reversed overnight and started moving higher once again.
Since we have seen a further move higher over the past hours, we can expect Bitcoin to move above the $51,500 previous resistance and potentially push higher to the $53,000 major resistance.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market retested the $47,000 support late yesterday and currently has moved back above the $50,000 mark. Therefore, we expect BTC/USD to push higher later today to reach back towards the $53,000 next major resistance.
While waiting for further Bitcoin price action development, see our guides on how to buy, sell and use Bitcoin.
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.