Bitcoin price prediction: Gradual grind higher takes BTC/USD above $55K

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TL;DR

  • The bitcoin price prediction is based on the formation of a double bottom model.
  • Bullish rebound follows Fibonacci support to higher levels
  • Candlestick low levels threaten the current rally.
  • BTC/USD is hovering around $55,000, where selling pressure could trigger an uptrend.

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Bitcoin price prediction: Gradual grind higher takes BTC/USD above $55K

Bitcoin price predictions are showing shades of green as the rally attempts to break through the $55,000 mark. A bullish chart with higher highs also supports the positive outlook. Bitcoin has shown resilience in the current environment, showing that it can ignore persistent negative news.

The recovery from the low of $47,000 has been gradual and rests on solid foundations. The decline of the past two weeks has also led to several overbought technical indicators on the daily charts. The increase in volatility also supports the uptrend and helps the pair break through key resistance levels.

The Bollinger Bands are not hidden, but leave enough room for bitcoin to rise further. Momentum is clearly in an uptrend and there are signs of a resumption of the uptrend. The technical trend line supports more buy orders and this is reflected in the volume data.

Bitcoin price movements in the last 24 hours Recovery may gain strength above $55K

Last week’s downtrend from $62,000 caused a 25% drop and eventually reached $47,000. The losses were made up in the current rally. On the daily charts, the record series seems to continue.

With big, bearish news on the horizon, the crypto-currency world is also taking a breather. Most altcoins recover with bitcoin. The Bulls are looking to turn the current stagnation into a new accumulation phase. The increasing risk appetite is reflected in ever larger volumes. On the upside, there is also demand as traders benefit from the small upward movement.

Higher levels of Fibonacci expansion are currently in play, with the most notable being the 261.8% Fibonacci level at $65,000. Rising Bollinger Bands limit the upper boundary of price at $57,000, but a breakout with volume strength could change that quickly. According to bitcoin price forecasts, despite increasing volatility, the pair’s fluctuations are minimal and within a predictable range.

4-hour chart BTC/USD: BTC moves in a range but rises

Bitcoin price chart by TradingView System

Bitcoin price prediction: Gradual grind higher takes BTC/USD above $55K

Bitcoin could remain in a narrow range with a positive outlook. BTC/USD is looking for an upward path as the decline is currently under control. The technical outlook appears stable with most indicators giving neutral or upward signals. The RSI is at 61 and going up. According to studies predicting the bitcoin price, the MACD indicator has not yet made a full bullish crossover, but it is not damaging either.

The Stochastic RSI is showing points below the rising channel, indicating upward movement. Fibonacci support levels of $53,100 and $50,000 are supporting the price from below. The most important pattern we will now discuss is the double bottom pattern, which draws a bullish configuration on the charts. It is most likely responsible for the rapid rise to the $55,000 level as bitcoin bears cover short positions. The reversal also gave the bulls a chance to defend the lower limit of the pivot point at $50,000.

The clouds haven’t quite cleared and the technical indicators may turn bearish on the hourly charts, in line with the price outlook for bitcoin. The bulls should maintain their momentum and use volatility to keep the price above $53,000 and reach $60,000 this week.

Bitcoin price forecast Conclusion: BTC/USD close above $55,000

Bitcoin climbs to $55,000. The key is whether BTC/USD can hold these gains and advance further. The January-March trend line has many consecutive Fibonacci levels that can serve as support and resistance levels. The forecast for the bitcoin price is that the pair must successfully close above $55,000 for several consecutive days to maintain bullish momentum.

If the current rally slows, price could recover quickly. A worrying development could push the BTC/USD pair back towards the $47,000 level and challenge support below $45,000. The drop could also trigger a massive sell-off that could reduce current profits. According to bitcoin price forecasts, BTC/USD is waiting for a pivot point of $50,000 to reach higher levels.

Denial. The information provided does not constitute commercial advice. .com is not responsible 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.

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Emilia James
By Emilia James

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