Bitcoin price moved lower towards $7,400 against the US Dollar. BTC/USD is currently correcting higher, but upsides remain capped near $8,200. There was a break below a key bullish trend line with support at $8,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently moving above the $8,200 and $8,250 levels. There is a monster horizontal resistance formed near $8,350, which was a resistance earlier, and now it could act as a strong support area.
The Bitcoin price has been on a steady decline for the last hour, following a rejection at the $5,900 area, which is a strong support. The price is trading at the $5,724 mark. The MACD is inching closer towards the zero line, currently at 0.20. The RSI is at 39.61, just barely above the 40 mark, which is the neutral area.
Summary of the situation
- BTC peaks below $59,500.
- Resistance at $59,000 remains in place.
- BTC is heading for a new low around $57,000.
The outlook for the bitcoin price is bearish today as further gains were rejected today near the $59,000 resistance and previous high. Therefore, we expect bitcoin to move lower in the next 24 hours to set a new higher low above $57,000.
The general market has seen good momentum over the past 24 hours. Bitcoin remained relatively stable with a small gain of 0.74%, while Ethereum rose more than 4%. Among the best performers is Stellar, with growth of nearly 20%. The rest of the major altcoins are in between the results of Ethereum and Stellar, as overall bullish sentiment remains strong.
The BTC/USD pair opened at $58.313 after marking a slight high above the $56.000 level yesterday. Overnight, the price of bitcoin rebounded and again tested the previous high around $59,500. Further upward movement is now rejected, however, as the market peaked at $59,600 in recent hours, suggesting that another pullback is likely in the next 24 hours.
Bitcoin price movements in the last 24 hours
The BTC/USD price moved in a range of $56,482 to $59,519, indicating moderate volatility. Trading volume fell nearly 6% in 24 hours to $64.5 billion. Meanwhile, the company has a total market value of $1.1 trillion, which translates into a market dominance of 43.74%.
4-Hour Chart BTC/USD – BTC fails to break through $59,000 resistance
On the 4-hour chart, we can see that the price of bitcoin has fallen again in the last few hours, suggesting that BTC will try to establish a new higher low.
Last week, the overall market continued to recover after a sharp decline in mid-April, when the BTC/USD price fell more than 25% from an all-time high of $65,000. After establishing a solid base of consolidation around $49,000-50,000, the market began to decline on the 26th. April up.
The bitcoin price then broke back above the $56,000 resistance level and stormed up the $59,000 barrier after a strong uptrend around $53,000. The 3rd. In May, the BTC/USD pair failed to advance, giving back most of the gains from the previous days and retesting the $53,000 support level.
Last week bitcoin slowly climbed back towards the $59,000 resistance level. After several attempts to enter the 8. May to go higher, BTC set a slightly higher high around $59,500. Bitcoin has since pulled back and hit a new higher low above the $56,000 support level, suggesting that the market is still in a higher trend.
Bitcoin rebounded overnight and hit the previous local swing high of $59,500 in the morning. The bitcoin price is now giving up more gains, suggesting that we will see another correction today to establish a higher low. From here, we expect bitcoin to make another attempt to break through the resistance zone between $59,000 and $59,500 and advance to the next target at $61,000.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bearish as the market has fallen in recent hours after failing to set a higher high today. This should lead to BTC/USD establishing a new higher low above the $57,000 level, from where it will push higher later this week.
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