Description
TL;DR Breakdown BTC breaks $51,500-$5,300 support overnight. $47,000 still holds as strong support. The $51,500 support now acts as a resistance. Today’s Bitcoin price prediction is bullish as the market lost more than 20 percent over the last 24 hours and spiked to retest the $47,000 support. Therefore, we should see a reversal as BTC/USD … Read more
TL;DR Breakdown
- BTC breaks $51,500-$5,300 support overnight.
- $47,000 still holds as strong support.
- The $51,500 support now acts as a resistance.
Today’s Bitcoin price prediction is bullish as the market lost more than 20 percent over the last 24 hours and spiked to retest the $47,000 support. Therefore, we should see a reversal as BTC/USD regains some of the loss.
The cryptocurrency market saw a huge decline overnight as most altcoins dropped by 5-10 percent. Bitcoin trades with a 24 hour loss of 11 percent, while Ethereum around 8.5 percent. EOS is among the worst performers, with a loss of almost 19 percent.
Bitcoin price prediction: Bitcoin spikes to $47,000, ready to retrace higher?
BTC/USD opened at $49,392 after a strong push lower yesterday from the $57,000 mark. Overnight, Etherum price spiked below the $47,000 support, where bulls started absorbing any further selling pressure. Since a huge bullish rejection candle was established, we expect BTC/USD to push higher over the next few days and regain most of the loss.
Bitcoin price movement in the last 24 hours
BTC/USD price moved in a range of $46,980 – $57,196, indicating severe volatility. 24-hour trading volume has spiked by 57 percent and totals $95.9 billion. The total market cap has dropped below the $1 trillion mark and trades around $940 billion, resulting in market dominance of 41.37 percent.
BTC/USD 4-hour chart – BTC retests previous support at $47,000
On the 4-hour chart, we can see BTC/USD posting a huge rejection candle after retesting $47,000 previous major support.
The overall Bitcoin price action has turned bearish again as the market saw a 20 percent decline over the past 20 percent, with the previous major support level of $47,000 retested. As mentioned in our previous Bitcoin price prediction, this was a result of another low established around $54,000, after which BTC/USD failed to move higher and peaked at $58,000.
Since a slightly lower low was established overnight below the $47,000 support, we can assume that BTC/USD has turned bearish again. Furthermore, the previous consolidation around the $59,000-$59,500 area indicates that a clear higher medium-term swing low has also been set.
Therefore, unless Bitcoin price action can break above the $59,500 previous swing high, we are bearish for the overall several-week Bitcoin market structure. Potentially we could see BTC/USD start to consolidate in a relatively wide but tightening range over the next week.
An alternate scenario is a retracement back to the upside over the next days, where a lower high is set. From there, Bitcoin will continue moving lower towards the next major support target of $45,000. This would further indicate that the overall market price action structure has turned bearish, and a much serious, medium-term retracement will be seen over the next weeks.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market lost more than 20 percent over the last 24 hours and established a clear rejection candle overnight. Therefore, we expect BTC/USD to push higher over the next few days, with the closest resistance around $53,000.
While waiting for further Bitcoin price action development, read our guides on how to sell, buy 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.