Bitcoin prices moved higher recently and broke the $56,000 resistance against the US Dollar. The BTC/USD pair is positioned nicely in a bullish zone and it could continue to move higher. There was a break above a major bullish trend line with support at $52,000 on the 4-hours chart. The pair also broke the $56,000 resistance to set the pace for more gains. Key takeaways Good blog posts are concise Good intro paragraphs are about the right length in terms of the number of words (around 75-150 words) Good blog post titles are informative, intriguing and easy to understand (100-150 characters) This blog post is part of a series on how to write excellent content on the
Bitcoin price has been trading in a range-bound manner for the past few days. The bulls need a break above $56,000 and the bears need a breakdown below $53,000 to continue. The first major resistance on the upside is at $56,000 and the first major support on the downside is at $53,000. A break above $56,000 could push the price towards the next resistance at $60,000. A break below $53,000 could push the price towards the next support at $48,000.
Summary of the situation
- Yesterday, BTC reached a high of $56,000.
- Support was found at the $53,000 level.
- The next resistance for a breakout is at the $57,000 level.
The forecast for the bitcoin price for today is bullish, as the market fell overnight and it currently looks like it could rise again. We therefore expect further gains today as the bulls attempt to make a higher top above the $57,000 resistance level.
The cryptocurrency market is trading higher today. Bitcoin remained unchanged, while Ethereum rose nearly 2 percent. The top performers were Ripple, Binance Coin and Polkadot, which gained 7-11%. Cardano is one of the worst performers, down nearly 3.5%.
BTC/USD opened at $53.580 after yesterday’s bearish close. With bitcoin finding support between $52,500 and $53,000, we expect the market to strengthen today and try to reach the next resistance at $57,000.
Bitcoin price movements in the last 24 hours
BTC/USD was trading in a range of $52,418 to $54,706, indicating moderate volatility. Trading volume increased 6.5% over a 24-month period to $47.3 billion. The market capitalization is just above the $1 trillion mark, resulting in a market dominance of 47.94%.
Chart 4 hours BTC/USD – BTC gains momentum and rises
On the 4-hour chart, we can see that the price of bitcoin has been rising over the past few hours, indicating that it is possible that it could retest previous highs today.
Overall, the market continues to trade with a bearish price structure in recent days. After hitting a new all-time high just below $65,000, BTC/USD fell 20% until support was found at $51,500.
After recovering some losses and consolidating below the $57,000 resistance level for a few days, the bitcoin price made a strong recovery on the 23rd. April, another jump down. This time support was found at $47,500. Bitcoin then consolidated again for more than 24 hours before peaking again at $47,000. The bulls immediately propelled the market higher, and from there the market went up for several days until it reached a local high of $56,500.
Bullish momentum in the price of bitcoin has slowed in recent days, suggesting that bitcoin is ready for a correction. Overnight, the BTC/USD price declined and established support around $52,500. Bitcoin has since recovered in recent hours and is aiming to regain its previous high around $56,500.
So it is important to see how the market reacts around resistance. If bitcoin can maintain strong bullish momentum over the next 24 hours, we could see it break through the $57,000 resistance and set a new higher high, which would be a strong signal that the current bearish momentum is over.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish as the market rises after finding support around $53,000 overnight. Therefore, we should see bitcoin retest the previous high around $56,000 and likely push eveAn higher towards the $57,000 mark.
In anticipation of further bitcoin price movements, read our guides to the best bitcoin wallets and taps. For more information on other ways to invest in bitcoin, read our article on bitcoin ETFs.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
This source has been very much helpful in doing our research. Read more about bitcoin price prediction reddit and let us know what you think.
ethereum price predictionbitcoin newsbitcoin 10 year prediction redditbitcoin 2021 price predictionbitcoin price targetbitcoin price prediction reddit,People also search for,Privacy settings,How Search works,bitcoin 10 year prediction reddit,bitcoin 2021 price prediction,bitcoin price target,bitcoin price prediction reddit,bitcoin price prediction 2025 reddit,bitcoin price in 10 years reddit,aave price prediction reddit,coin price forecast reddit