Bitcoin price has been consolidating after a strong advance. During this consolidation bitcoin price tested the $58,500 resistance area numerous times, and each time it was rejected. The reason is that the $58,500 area is a strong resistance level that has been tested many times over the past few weeks. It is also a previous support level between $4,000 and $5,000. Before bitcoin price could advance above the $58,500, it had to overcome this resistance level.
As the cryptocurrency market continues its bull run, Bitcoin continues to lead the way. After breaking through $58,000 this weekend, it appears that Bitcoin is ready to retrace a bit. It should be noted, though, that during this rise, the Bitcoin price has consistently set new highs. However, the altcoin market is beginning to take notice of the Bitcoin dominance. In fact, some altcoins have risen more than 400% in the past month.
Summary of the situation
- BTC is finding resistance at the $58,500 level.
- A rider found about $56,000.
- The next upside target is $59,500.
The forecast for the bitcoin price for today is bearish, as the market is likely to continue pulling back some of Friday’s gains. The first support lies at the previous resistance at $56,000. However, we are likely to see a further decline in BTC/USD.
Heatmap Cryptocurrencies. Source: Coin360
The general market is showing mixed results today. Bitcoin has retreated from some of its gains over the past few days and is currently trading at a small loss of nearly 1.5% over the past 24 hours. Among the major altcoins, Solana (SOL) and VeChain (VET) were the top performers with gains of 9.75% and 6% respectively.
The BTC/USD pair opened at $57.859 after yesterday’s sideways movement and set a local high at $58.550. Currently, the bitcoin price appears to be giving back some of its gains and is heading towards short-term support at $56,000, which previously acted as strong resistance.
Bitcoin price movements in the last 24 hours
The BTC/USD exchange rate moved in the range of $56.327 – $58.004, indicating moderate volatility. Trading volume during the 24-hour period reached $40.9 billion, down 21.65% from the previous 24-hour period. The total market capitalization is $1,064 billion, representing a market dominance of 48.24%.
4-Hour Chart BTC/USD – BTC pulls back to retest previous resistance at $56,000 as support.
On the 4-hour chart, we see that BTC has been bearish for the past few hours, with the bears looking for a retest of the previous resistance at $56,000 as support.
Four-hour chart of BTC/USD. Source: TradingView
The overall market is gradually regaining its upward momentum after bouncing back from its current all-time high of $65,000 on the 14th in recent weeks. April was reached, withdrawn. After losing just over 25%, the price of bitcoin has hit a new low of about $47,000 to $48,000.
After consolidating around the $50,000 price level for over 24 hours, BTC/USD made a push down and bounced at $47,000, where the bulls immediately intercepted any selling pressure. Bitcoin then rose about 20 percent until it encountered resistance at $56,000.
In the second half of last week, BTC retreated a few steps until it reached support at $53,000, as mentioned in our previous bitcoin price forecast. BTC/USD rose again on Friday, gaining more than 10% in the next 24 hours.
Bullish momentum in the bitcoin price peaked at $58,500 and established a strong upper peak. Bitcoin is currently in retreat again, retesting previous resistance at $56,000 as support. If this support holds today, we could see a move towards the next resistance at $59,500 early next week.
If BTC drops below $56,000, we should see another pullback in BTC/USD and spend the first few days of next week in consolidation. But if the previous low at $52,500 is not broken, we remain bullish on the overall price action.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bearish as the market tries to claw back from the gains made in recent days. However, bitcoin’s price behavior has changed in general, and we expect to see new highs next week. Therefore, once BTC pulls back, we expect another push towards the next resistance at $59,500.
In anticipation of a further rise in the price of bitcoin, check out our guide to the best bitcoin wallets and taps for 2021. For more information on one of the most popular Bitcoin forks, read our article on Bitcoin Gold.
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