Today’s Bitcoin price forecast is bullish, as the market has retraced overnight and now seems to be moving up. As a result, we foresee more upside later today as bulls attempt to make a higher high over the $57,000 support level.
Today, the cryptocurrency market is trading in the green. Bitcoin has remained unchanged, although Ethereum has increased by almost 2%. Ripple, Binance Coin, and Polkadot are among the top performers, with 7-11 percent gains. Cardano is one of the worst performers, having lost almost 3.5 percent of its value.
Bitcoin price forecast: Has Bitcoin found support at $53,000 and is about to set a new high?
After a bearish close yesterday, BTC/USD opened at $53,580. We expect the stock to rise higher today, attempting to reach the next resistance at $57,000, after finding support about $52,500-$53,000.
Bitcoin price fluctuated between $52,418 and $54,706 in the last 24 hours, showing modest uncertainty. The overall trading volume for the day is $47.3 billion, up 6.5 percent. The market capitalization is just over $1 trillion, resulting in a 47.94 percent market domination.
BTC/USD 4-hour map – BTC continues to gain traction.
Looking at the 4-hour map, we can see that Bitcoin has been heading higher during the last few hours, meaning that previous peaks could be retested later today.
For the last few days, the general market has maintained a bearish pricing structure. BTC/USD fell 20% after setting a new all-time high just below $65,000, finding help at $51,500.
The Bitcoin market activity made another spike lower on April 23rd, after retracing some of the declines and consolidating for several days below $57,000 resistance. Support was located at $47,500 this time. Following that, Bitcoin stabilized for more than 24 hours before spiking lower to $47,000. Bulls quickly moved the index higher, and it rallied for several days before it reached a local peak of $56,500.
The bullish Bitcoin price momentum has weakened in recent days, signaling that Bitcoin is due for a retracement.BTC/USD moved lower overnight, establishing support near $52,500. From there, Bitcoin has been rallying in recent hours as it attempts to retest its previous peak of $56,500.
As a result, it’s crucial to watch how the market reacts around the resistance. We could see the $57,000 resistance reached and a new higher high set if Bitcoin can maintain solid bullish traction for the next 24 hours, which will be a powerful indication that the latest bearish momentum is over.
Conclusion on Bitcoin Price Prediction
The Bitcoin price forecast is optimistic, as the market bounces after seeking help above $53,000 overnight.
As a result, we should expect Bitcoin to retest the previous swing high, about $56,000, and eveAn to rise towards $57,000.