Bitcoin price prediction: Bitcoin reaches $58,000, set to retrace today?

TL;DR Breakdown

  • BTC peaks at $58,000.
  • Closest support at $56,000.
  • Closest resistance at $59,000.

Today’s Bitcoin price prediction is bearish as the market has slowed down close to the previous swing high. Therefore, we expect BTC/USD to retest support at the $56,000 mark and potentially move even lower later today as bulls cannot sustain enough buying pressure.

Bitcoin price prediction: Bitcoin reaches $58,000, set to retrace today? 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall is in the green today. Bitcoin is up by 3 percent, while Ethereum trades around 2.75. Ripple and Cardano are among the best performers, with a gain of 13 and 11 percent, respectively. Meanwhile, among the worst performers is Dogecoin as it retraces some of the previous gains and is down by 8.8 percent. 

Bitcoin price prediction: Bitcoin reaches $58,000, set to retrace today? 

BTC/USD opened at $57,515 after a strong rally yesterday pushed the Bitcoin price back to $58,000. Today, Bitcoin struggles to gain further gains as it starts to consolidate around the $57,500 mark. Therefore, we expect another retracement over the next 24 hours, with the first major support level around $53,000.

Bitcoin price movement in the last 24 hours

BTC/USD price moved in a range of $$55,086 – $57,911, indicating a moderate amount of volatility. 24 trading volume has remained almost unchained with a small drop of 4.2 percent, totaling $67.4 billion. The total market cap stands at $1,067 billion, leading to a market dominance of 45.09 percent as the rest of the market continues increasing its share.

BTC/USD 4-hour chart – BTC starts consolidating below $58,000

On the 4-hour chart, we can see BTC/USD slowing down today and starting to consolidate, indicating an upcoming retracement.

Bitcoin price prediction: Bitcoin reaches $58,000, set to retrace today?
BTC/USD 4-hour chart. Source: TradingView

The overall Bitcoin price action momentum continues to lose momentum. After initially retracing more than 25 percent during the second half of April, BTC found support around $48,000. From there, the market price consolidated for several days before starting to push higher again.

Two clear pushes were seen, the first to the $56,000 and the second one to $59,000, indicating a bullish price action structure. However, on Monday, we saw BTC/USD fail to set further highs, which eventually invited bears to push the market back to the $53,000 support. Therefore, BTC has lost its bullish market momentum once again. 

Yesterday Bitcoin recovered most of the loss seen over the past few days as bulls pushed the price back towards the $59,000 local high. However, BTC/USD could not move above the $58,000 resistance, where consolidation was established. Therefore, we expect Bitcoin price action to reverse later today and look towards pushing lower again.

First minor support is seen around $56,000, while a much stronger one at the previous local swing low of $53,000. As mentioned in our previous Bitcoin price prediction, if bears take control over BTC/USD once again, we should see a further lower low set around the $51,500 support.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish as the market cannot sustain further bullish momentum. Since BTC/USD has started to consolidate around the $57,500 price mark, we can expect bears to take over and push the market lower over the next 24 hours. 

While waiting for further Bitcoin price action, see our guides on Bitcoin wallets and faucets. To learn more about how to invest in Bitcoin, see our article on Bitcoin ETFs.

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.

About the author