May 14, 2021

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BTC price prediction: BTC Breaks $60,000 resistance and retraces, prepares for another move higher

3 min read

TL;DR Breakdown

  • BTC breaks the $60,000 major resistance.
  • Price peaks at $61,000.
  • The support found around $58,500.

Today’s BTC price prediction is bullish as the market set a clear higher high and has retraced to form a higher low. Therefore, we expect BTC/USD to push higher next week as bulls are eager to finally break the $62,000 resistance.

Bitcoin price prediction: Bitcoin Breaks $60,000 resistance and retraces, prepares for another move higher 2

Cryptocurrency heat map. Source: Coin360

The overall market has traded with mixed results. Market leaders, BTC and ETH remain relatively flat, with 0.9 and 0.1 percent loss. Meanwhile, Litecoin (LTC) and Chainlink (LINK) are up by more than 6 percent.

BTC price prediction: BTC Breaks $60,000 resistance and retraces, prepares for another move higher

BTC/USD opened at $59,778 after a rally yesterday pushed the BTC price action above the previous major resistance around the $60,000 mark. A high was set at $61,200, and a retracement over the next hours established a higher high as a further downside was rejected around $58,500.

BTC price movement in the last 24 hours

The BTC/USD price moved in a range of $58,465 – $60,790, indicating a good amount of volatility. 24-hour trading volume decreased by 7.1 percent, totaling $49 billion. Meanwhile, the total market cap stands at $1.12 trillion, with BTC market dominance at 54.41 percent.

BTC/USD 4-hour chart – BTC rejects further downside around $58.500 

On the 4-hour chart, a sharp rejection candle for further downside was set overnight. Since then BTC/USD has consolidated around $59,500 as the market likely prepares for another push higher next week.

Bitcoin price prediction: Bitcoin Breaks $60,000 resistance and retraces, prepares for another move higher

BTC/USD 4-hour chart. Source: TradingView

Overall, our previous price prediction has come true as the BTC price finally broke above the $60,000 mark yesterday. The market peaked just above the $61,000 mark and currently retraces lower.

This has been the result of a very slow retracement over the first days of April when BTC/USD failed to break above the $60,000 mark previously. After several days of sideways momentum around the $59,000 level, BTC pushed lower on the 3rd of April until support was found around $57,000.

From there, BTC/USD set a lower low around the $59,000 mark and retraced lower, setting a lower low, which meant that an ABC retracement pattern was completed. Support was found at the $55,500 mark, and from there, the BTC price action started pushing higher again. The resistance levels at both the $57,000 mark and $58,000 mark were broken clearly. After some consolidation on Friday, BTC started to push higher overnight until a new higher high was set just above the $61,000 mark.

Right now, BTC/USD has moved to retest the $59,000 mark, where minor resistance was previously seen. Since further downside was rejected overnight, we assume that another strong higher low has been set, meaning that the market structure likely prepares for another push higher. This should lead BTC/USD price action towards a new all-time high next week.

Alternatively, if further bearish pressure resumes, next support is seen around $58,000. From there a long position would offer a much better risk/reward if we assume that the next target is at $62,000.

BTC Price Prediction: Conclusion 

BTC price prediction is bullish as we have seen BTC finally break above a very strong resistance level. Since a higher low was set, we can expect BTC/USD to continue moving higher next week.

For further reading, see our Polkadot and Stellar Lumens long-term price predictions, as well the newest guide on ETH gas prices. 

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.

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