- Today, BTC found support at $49,100.
- The nearest resistance is at $51,500.
- The next resistance target is at $54,000.
Today, the outlook for the bitcoin price is bullish, as the market retested support at $49,100 and has since climbed to the previous high of $51,500. Therefore, we expect BTC/USD to rise above $51,500 and set a higher local high if the current bullish momentum persists.
The overall crypto-currency market is in the green today as markets have rebounded in recent hours after the overnight correction. The market leader, bitcoin, broke back above the $50,000 mark and is trading at a 1.38% gain over 24 hours. Meanwhile, Ethereum posted a solid gain of 5.75%. The rest of the higher-right follows this upward trend with varying results.
BTC/USD opened at $50.101 today, after strong bearish momentum took bitcoin from $51,500 resistance to $49,000. The market has set another higher local high in the past few hours, suggesting that we should see a reversal to the upside in the next 24 hours.
Bitcoin price movements in the last 24 hours
The BTC/USD exchange rate moved in the range of $49.014 to $51.010, indicating moderate volatility. Continued trading volume fell 25.48% to $41.8 billion. Meanwhile, the total market capitalization is $934.8 billion, with a market dominance of 50.2%.
4-Hour Chart BTC/USD – BTC is gearing up for another attempt to break through the $resistance at $51,500.
On the 4-hour chart, we can see that BTC/USD has been trading in a tight range for the past few days, after reaching a new multi-week low around $47,500.
Overall, bitcoin continues to trade with very bearish momentum. After Bitcoin was released on the 14th. After hitting a new all-time high just below $65,000 on April 1, trading began to decline over the next few days until a strong downward push led to a sharp rebound to the $51,500 mark.
From there, the price of bitcoin recovered some of its losses and began to consolidate into an increasingly narrow range. $54.000. The $57,000 mark was used as a safety net and the $57,000 mark was used as a safety net. The United States is a resistance. A few days later, on the 22nd. In April, there was another surge that marked a new low around $47,500. The previous support at US$51,500 was retested as resistance and a new consolidation zone has formed.
As we mentioned in our bitcoin price forecast yesterday, the continuation of the rally has stalled as the market has traded around the $50,000 mark for the past 24 hours. Therefore, as long as the current resistance at $51,500 is not broken, we expect a new sideways movement. However, the current tightening consolidation appears to be coming to an end as the trading range narrows further. This suggests that we should see upward pressure in the next 24 hours.
After breaking $51,500, we expect BTC to retest $54,000 as resistance. Bitcoin could fall from there in the coming week. If the bitcoin price forms a higher low in the coming week, we could see a much more serious mid-term reversal early next month.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish, as the market is expected to break above current resistance at $51,500, after consolidating in a narrower range over the past day. After breaking through resistance at $51,500, we should see BTC move towards the next resistance at $54,000.
In anticipation of more bitcoin price action, check out our guide to the best crypto currency arbitrage tools and bitcoin mining. To learn more about the second largest cryptocurrency, check out our guide on mining Ethereum.
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