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BTC price prediction: BTC established higher low above $54,00, ready to break $60,000?

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TL;DR Breakdown

  • BTC reached $58,000 overnight.
  • BTC currently tests support at $56,000.
  • Resistance to break at $59,000.

Today’s BTC price prediction is bullish as the market pushed higher overnight and made a slight retracement of the $56,000 support over the past hours. Therefore, we expect BTC to move higher later today as bulls attempt to finally break above the $59,000 resistance.

Bitcoin price prediction: Bitcoin established higher low above $54,00, ready to break $60,000? 1
Cryptocurrency heat map. Source: Coin360

The overall market has moved higher over the last 24 hours. BTC has moved above the $55,000 price mark and trades with a slight gain of 2.6 percent. Meanwhile, ETH is among the best performers with a gain of 9.41 percent.

BTC price prediction: BTC established higher low above $54,00, ready to break $60,000?

BTC/USD opened at $56,753 after a slight rally from the $55,000 mark yesterday. Currently, a small retracement to retest the $56,000 support is seen with rejection for further downside. Therefore, we expect the BTC price to move higher over the next 24 hours with a target to break above the $59,000 resistance.

BTC price movement in the last 24 hours

BTC/USD price moved in a range of $55,572 – $57,939, indicating a relatively low amount of volatility. 24-hour trading volume has dropped by 13 percent and totals $64 billion. The total market cap trades at 1.06 trillion, resulting in the further declining market dominance of 42.22 percent.

BTC/USD 4-hour chart – BTC

On the 4-hour chart, we can see the BTC price action rejecting further downside over the past hours, indicating that further highs will be seen later today.

Bitcoin price prediction: Bitcoin established higher low above $54,00, ready to break $60,000?
BTC/USD 4-hour chart. Source: TradingView

The overall market continues to lose its momentum over the past weeks. After retracing by more than 25 percent from the $65,000 all-time high during the second half of BTC established a base from which to reverse around the $50,000 price level. 

From there two strong waves higher were set until the BTC price reached the $59,000 mark. Since then, BTC/USD has struggled to make higher highs while setting slightly lower lows, meaning that the market is trading in an increasingly tighter range. 

On Monday, BTC retraced once more and set another higher low, indicating that the market is still technically bullish. After some consolidation below the $56,000 mark, BTC/USD moved higher overnight and regained most of the loss.

Earlier today, BTC made a slight retracement to the $56,000 mark, with further downside rejected. Therefore, unless a lower low is set, we expect BTC/USD to make another attempt to break above the $59,000 mark later this week.

BTC Price Prediction: Conclusion 

BTC price prediction is bullish as the market moved higher yesterday and rejects further downside after retesting the $56,000 support earlier today. Therefore, BTC should push to break above the $59,000 resistance over the next 24 hours, with the next price target at $61,000.

While waiting for further BTC price action development, see our latest guides on how to buy BTC using a credit card and how to use BTC. To learn more about the cryptocurrency market, see our guide on investing in cryptocurrencies.

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.

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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.

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