May 14, 2021

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BTC price prediction: Swift rejection from $61k emboldens bulls

3 min read

TL;DR

  • BTC price prediction going sideways as bulls rejected from $61k again
  • BTC/USD revolves in a zig-zag motion to ward off both bulls and bears
  • BTC technical signals turn bullish as a new week dawns ahead
Bitcoin price prediction: Swift rejection from $61k emboldens bulls 1
Cryptocurrency heat map by Coin360

A new week begins, and BTC/USD is reaching new heights again. As BTC tries to grab the elusive $62k level, the buyers are getting mixed signals from the charts. A double-bottom appears on the charts as the pair has once again been rejected from the $61k resistance level.

The bullish momentum is evident from the volume data as the pair earlier touched a high of $61,222. However, the joy was short-lived as the pair struggled to maintain the gains and quickly retraced the positive rise. At the time of going to press, BTC is hovering at $60,080 and near the psychologically important $60k support.

Bulls will do everything to defend the $60k support region as it serves as the bounce-back pivot point for a journey to $65k. On the downside, there is a 55-day EMA at $59k which will serve as a crucial support region in the next few days.

BTC price movement in the last 24 hours: BTC barely clings to $60,000

Today, BTC/USD is close to the $60,000 level and can barely hold onto the previous day’s gains. The volumes are rising steadily, which is a saving grace for the short-lived bull rally. The upper limit is still restricted to $61,700 as per BTC price prediction. According to BTC price prediction, the W-shaped pattern emerging on the hourly charts shows that there can be a minor correction as the day moves forward.

If the bears can intensify the selling, the pair can see $57,000 on the hourly timeframe. However, bulls will defend the $60,000 fort to push forward to $65k in the next few weeks. The intra-day low in today’s range was $59,117, which is dangerously close to the 76.4 percent Fibonacci retracement of the current minor bull run. The depreciating range of the Bollinger Bands shows that a minor correction is on the charts and BTC price prediction studies reflect the same.

Today, the high has been limited to $60,670 and reflects the underlying bullish bias in the BTC price prediction. If the bulls can extend the gains, the price can touch $62,130 resistance next.

BTC/USD 4-hour chart: Pushing the envelope beyond $61k

Bitcoin price prediction: Swift rejection from $61k emboldens bulls 2
BTC price chart by TradingView

The upside targets on the hourly charts are $62,026.52, and then at $63,789. On the daily timeframe, the bulls can comfortably look to touch $64,436.39. The technical indicators have cooled down and now trade in a muted range. The recent weakness can see the price dwindle towards the $59,489 region with more support at the $57,163 pivot point.

During the past two days, the traders have lifted the price above $61k, but the rally was short-lived. The 50-day simple moving average is now trading below the price but is dangerously close to scripting a cross-over should the bears increase selling pressure.

Another concern for the bears is a plethora of technical indicators turning bearish on the hourly charts. The RSI at 57 is sloping downwards, which means that the bears may have the upper hand in the next few hours. Also, the MACD has completed cross-over and is now turning bearish.

BTC price prediction conclusion: Bulls need to strengthen buying momentum

The 50-day moving average at $59,646 is sloping close to the price. In case of the selling increases, the bulls will lose momentum on the hourly charts. Any extended sell-off can break the bullish momentum altogether and take the price towards the $50,378 support level. Such a move can disrupt the positive daily momentum too.

Technical resistances that pose a challenge are $62,026.52 and then $63,788. The MACD Average is bullishly above the price action. BTC price prediction has bullish underpinnings, but the bears are taking over fast. The weekend’s short-lived rally is now approaching an end making the bulls nervous. With short bursts towards the $59,856 region, the bulls are getting concerned.

Institutional investors would kick in at lower support levels to buy the dip. As per BTC price prediction studies, aggressive buying won’t start until the pair moves back to $57,145.

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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