Bitcoin price prediction: Bulls rest before taking on $60,000 resistance
3 min readTL;DR Breakdown
- Bitcoin price prediction enters uncertainty phase as price goes below $50,000
- The bulls are increasingly under pressure to keep the upward momentum
- The support at $45,000 holds the weekly candles in place amid a selling spree
- Profit-booking can bring the $43,500 support level on the hourly charts
Bitcoin price prediction is getting increasingly complex as the price wavers in a tight range between $50,000 to $47,200. The 21-day simple moving average is currently providing relief for bulls who earlier were in charge of the price action. The daily uptrend is still intact, but the short-term profit booking can bring more worries for the bulls.
The selling action intensified after the BTC/USD pair was rejected from the upper triangle formed near the top of the Bollinger bands at $55,000. The RSI is now sloping downward, and the MACD is also showing a negative bias on the hourly charts. The short-term support at the resistance line is helping the pair remain above $48,000.
The 50-day SMA is providing substantial support to the pair. The bulls need to build a confident momentum above the $50,000 support for a recent bull run to target the all-time highs near the $58,000 level. The breakout to the downside can bring $45,000 in play and increase the selling pressure.
Bitcoin price movement in the last 24 hours – Bears gain momentum
The bullish Bitcoin price prediction is fading away on the hourly charts. Bulls face pressure due to profit-booking and trying to prevent the breakout below the short-term support at $45,000. The earlier bounce from $48,650 has been summarily rejected by the resistance at $53,558 and poses a challenge to the hourly charts’ uptrend.
Currently, the Bitcoin price prediction is dependent on the movement between the Bollinger Bands. A clear breakout below the $47,100 level will bring the Bitcoin price prediction in negative territory. However, the weakness in BTC/USD can intensify if the 10-week uptrend line breaks and the price moves under the $39,800 level.
BTC/USD 4-hour chart – Major trendlines hold support
The hourly charts are tilting towards the bearish zone as the price action slowly challenges vital supports. The dwindling Bitcoin price prediction can slide further if the selling activity increases as the day comes to a close. A deeper pullback can cause the $49,100 support line to break, with large volumes plunging the price further.
The BTC/USD buyers are awaiting more confirmation on the hourly charts before taking long positions. The present phase can certainly prove another consolidation phase where bulls load up more positions before the next all-time highs are posted beyond $60,000. The RSI is now below the 50 level and shows further weakness signs.
The rally from $51,890 to the $58,400 all-time high is now in corrective mode. The 55-day simple moving average is below the price and provides a ray of hope to the bulls. The present recovery continues the journey higher to $52,000 resistance where the ascending price channel’s upper limit lies. The 23.6 percent Fibonacci retracement of the current trendline is situated at $48,500 and represents a vital pivot point.
Bitcoin price prediction conclusion: Key hurdles before $60,000 high
The BTC/USD pair faces its first prominent resistance at the $51,600 level. The 50 percent Fibonacci retracement lies close enough at $52,000. Primarily, the bulls are looking to cross the $52,000 level before taking more exposure on the long side. The 55-day simple moving average lies below the price, which further holds the bears in place.
The RSI is heading above 50 level on the 4-hour chart showing a build-up of the bullish momentum. The volumes, however, do not support the uptrend. The Bitcoin price prediction will remain in the uncertain territory until the buyers build massive momentum to break out from the Bollinger Bands.
The current phase can be termed as consolidation in Bitcoin’s journey towards $65,000 highs. The bulls are certainly booking profits, and bears have not made a mark on the daily charts yet. The recent past’s Bitcoin price prediction is full of examples where profit-booking ended in consolidation and eventually turned into another bull cycle. The fundamentals and the technical both support the same viewpoint.
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.
