Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

BTC price prediction: BTC attempts to reach $42,000, further upside today?

2 min read

TL;DR Breakdown

  • BTC retraced overnight to the $35,000 mark.
  • Resistance at $40,000 broken.
  • Next resistance at $42,000.

Today’s BTC price prediction is bullish as the market continues establishing a base from which to make another major push higher. Overnight, a small retracement was set, resulting in a slightly higher high above the $40,000 mark. Therefore, we expect BTC/USD to continue moving to break above the $42,000 resistance over the next 24 hours.

Bitcoin price prediction: Bitcoin attempts to reach $42,000, further upside today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. BTC is up by almost 8 percent, while ETH by 16 percent. Among the best performers are Cardano (ADA) and Binance Coin (BNB), as they have gained 20 percent.

BTC/USD opened at $38,361 today after a bearish consolidation yesterday. Overnight, the market started to move higher once again, and set a slightly higher high, indicating that bulls are still in control.

BTC price movement in the last 24 hours

The BTC/USD price moved in a range of $36,581 – $40,782, indicating a moderate amount of volatility. The trading volume over the last 24 hours has decreased by 9.2 percent and totals $55 billion.

BTC/USD 4-hour chart – BTC continues higher

On the 4-hour chart, we can see the BTC price action setting a higher high and approaching the previous major resistance at $42,000.

Bitcoin price prediction: Bitcoin attempts to reach $4,200, further upside today?
BTC/USD 4-hour chart. Source: TradingView

The overall market has retraced more than 50 percent from the last swing high of $65,000, set at the beginning of April. From there the market started several week retracement, with the major support finally found around $30,000 on the 19th of May.

After spiking to the $30,000 mark, BTC/USD retraced to $42,000 and reversed once again late last week. Several minor lower lows were set until support was found at the $32,000 mark, meaning a higher swing low for the overall several-week market structure.

Therefore, we can expect the BTC price action to build a base from which to reverse next month. The first sign of an upcoming major reversal would be the break of the $42,000 resistance. After that, BTC/USD should see further gains towards new all-time highs.

BTC Price Prediction: Conclusion 

BTC price prediction is bullish as the market continues to push higher over the last hours. The several-day price action indicates that BTC/USD is forming a major reversal base, from which to move higher next month. Therefore, we expect further upside over the remainder of this week, with the first target to break being the $42,000 resistance.

While waiting for BTC price action to move higher, read our latest guides on Cardano, Zcash, and BTC.

Disclaimer. The information provided is not trading advice. 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.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply