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Bitcoin price surged above $68,000 early on Tuesday morning. At the time of writing the cryptocurrency is trading at $64,869.14 (€57,225.72), up 6.81% on the day (GMT 13:55). The bitcoin price has been in a strong uptrend since the start of the month. Bitcoin rejected a significant support area around $56,000 and has moved back above $60,000.
Last week, the bitcoin price rose above $57,000 and was testing the $60,000 resistance level. This week, bitcoin price started a downside correction. It traded below the $56,000 support and moved into a short term bearish zone. The price is down more than 8% and broke the $56,000 and $55,000 supports. In short-term bitcoin price could retest the $54,000 support, but it could face sellers near $56,000. The next key support is near the $54,000 level and the 100 hourly simple moving average. On the upside, the price must break the $58,000 resistance and the 100 hourly SMA to climb higher in the short term.
Summary of the situation
- Yesterday, BTC retested resistance at $59,000.
- The closest support is $56,000.
- The next target for BTC/USD is the $61,000 level.
The forecast for the bitcoin price for today is bullish, as the market pulled back overnight to retest support around $56,000. With further declines rejected today, we expect bitcoin to try to get back above $60,000 in the coming week.
The overall market is showing mixed results, with bitcoin down 2.5% and Ethereu m up 2.5%. Dogecoin is one of the worst performers with a loss of around 20%. Meanwhile, Cardano has been the top performer as it has gained nearly 13% in the past 24 hours.
BTC/USD opened near $59,000 after yesterday’s upward push. A further increase was rejected, but a slightly higher ceiling was set. Today the bitcoin price made a pullback and set a low above the $56,000 support level. Therefore, as long as this support level holds, we expect BTC/USD to rise in the coming week, with the next target at $61,000.
Bitcoin price movements in the last 24 hours
The BTC/USD price has moved in a range of $56.482 to $59.464, indicating good volatility over the past 24 hours. Trade volume remained unchanged at $66.2 billion during the period. Meanwhile, the company has a total market value of $1.07 trillion, giving it a market dominance of 44.37%.
4-Hour Chart BTC/USD – BTC is trading above $57,000 after rejecting further declines
There is a rejection of further declines above the $56,000 support level on the 4-hour chart, indicating that a reversal is imminent.
Bitcoin continued its upward trend this week after initially losing some momentum. Overall, the market is still recovering from the 25% drop that occurred in the second half of April, when a decline from the $65,000 price level was caused by two separate waves of decline.
After an initial rally in late April, BTC/USD reached resistance at $56,000. After a small decline, it went back up, and on the 3rd. In May, BTC was trading below $59,000. Another sharp decline followed and BTC again tested the $53,000 support level.
Bitcoin has slowly rebounded in recent days, initially reaching a high of around $58,000. After a small pullback to the $56,000 level, BTC rebounded and surpassed the previous local high of $59,000, indicating that bullish momentum is gradually regaining control of price action in the market.
Today the BTC/USD pair pulled back and retested the $56,000 support level. A brief downward rebound occurred in the final hours, but the bulls quickly intercepted any new selling pressure. Therefore, we expect BTC/USD to rise in the next 24 hours and are aiming for a return above $60,000 in the coming week. Above that, the next resistance is seen at $61,000, implying a potential gain of 5-6% in the coming days.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish as the market rejects further declines above $56,000 and has set a higher local high. Therefore, if the $56,000 support level is not broken, we expect BTC/USD to rise back above the $60,000 level in the coming week, with the next resistance at $61,000.
In anticipation of a further rise in the price of bitcoin, be sure to check out our guides on bitcoin wallets and ETFs. To learn more about how to invest in cryptocurrencies, read our step-by-step guide.
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