TL;DR Breakdown

• BTC found support around $51,000 yesterday.
• BTC tests $54,000 resistance.
• Another 10 percent push lower high possibility.

Today’s BTC price prediction is bearish as the market is testing previous major support as a resistance at $54,000. If the price is rejected around the current price level, we could see another 10 percent push lower over later today.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market over the last 24 hours has regained some of the loss seen yesterday. The leader – BTC, is up by 1.15 percent, while ETH remains relatively flat at a 0.45 percent gain. Cardano and Ripple continue to see the best price increase today as they are both up by 5 percent. Meanwhile, the major altcoin VeChain (VET) is struggling the most as it is down by 0.33 percent.

BTC price prediction: BTC retests $54,000 previous support as resistance, more downside later?

BTC/USD opened at $51,320 today after several days of bearish momentum took the market from resistance at $60,000 to support at the $51,000 mark. Right now, previous strong support at the $54,000 mark is retested as resistance. Therefore, if the BTC price can not push higher, we are likely to see another push lower over the weekend. Next, support is seen as low as the $48,000 – $49,000 area.

BTC price movement in the last 24 hours

The BTC/USD price moved in a range of $50,856 – $53,930, indicating a good amount of volatility for the market. 24-hour trading volume has decreased by 18.67 percent and stands at $62.8 billion, meaning a reduction for overall market activity. The total market cap has fallen back below the $1 trillion mark and stands at $999 billion.

BTC/USD 4-hour chart – BTC set for a further downside?

On the 4-hour chart, we can see that the BTC price currently retests $54,000. So far, the market respects this level, indicating that we should see another push lower later today.

BTC/USD 4-hour chart. Source: TradingView

Overall, BTC has been very bearish over the past week. After setting a new all-time high just below the $62,000 mark, BTC immediately saw a 13 percent rejection lower. Support was found at the $54,00 mark, which now acts as a resistance. 

From there, the price of BTC moved higher and looked to move above the psychologically important $60,000 level again. After several attempts, bears rejected further upside, and the market started to slowly trade lower.

This resulted in several lower lows and highs over the past week until support was found around the $51,500 mark and then set a new several week low at $50,305. After the new low was set, BTC/USD made a minor pullback to retest the $54,000 previous strong support as a resistance.

Right now, BTC is set to move lower again. Therefore, we should see the previous low, around $51,000, tested later today. Given the overall bearish BTC price momentum, this level is likely to break, and we expect BTC to set another lower low. Next significant support is seen around $48,000 – $49,000, which would mean another drop of around 10 percent if reached from the current price level.

Alternatively, if the BTC price can push above the $54,000 mark, we could see the bearish momentum slowly diminish over the weekend. For now, however, the price structure looks bearish, and we expect further downside over the weekend.

BTC Price Prediction: Conclusion 

BTC price prediction is bearish as the market rejects further upside below the $54,000 as of now. Therefore, we expect the BTC price to drop further over the weekend and potentially reach the next support at $48,500.

While waiting for BTC’s price movement, see our guide on BTC halving, as well as the newest long-term price predictions for Litecoin and IOTA.   

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.

Source link