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Despite the recent correction, Bitcoin is approaching the $60,000 mark, and some analysts suggest it could even reach $100,000 by the end of the year. The price rise is due to the growing popularity of digital currencies, with Bitcoin being the most prominent of them. The growing wave of positive sentiment surrounding the currency is pushing the price ever higher, with Bitcoin having skyrocketed in value over the past more than twelve months, leading to some predicting that the price will reach $100,000 if this upward trend continues.
Bitcoin established new $215 low against the US Dollar. BTC/USD is currently correcting higher, but upsides are likely to be capped near $54.00-54.50. Bitcoin Price Predictions For 2019: BTC/USD Might Extend Decline Below $54,000 So, how to trade Bitcoin prices? According to Peter Brandt, a widely followed technical analyst, the crucial level to watch is $5400, which is “the most important level in bitcoin.” If the cryptocurrency cluster manages to stay above $5400, then the bulls will remain in control. However, a downside break below $5400 would open the doors to a $4450 low.
Summary of the situation
- BTC reached $58,000 last night.
- Bitcoin is currently testing support at the $56,000 level.
- Resistance for an overshoot at the $59,000 level.
The forecast for the bitcoin price for today is bullish, as the market rose overnight and has moved slightly from the $56,000 support in recent hours. We therefore expect bitcoin to move higher today as bulls try to finally break through the $59,000 resistance level.
Over the past 24 hours, the market as a whole has risen. Bitcoin rose above $55,000 and traded with a small gain of 2.6 percent. At the same time, Ethereum leads the way with a gain of 9.41%.
Bitcoin Price Forecast: Bitcoin has set a higher bottom above $54.00, is it ready to break $60,000?
The BTC/USD pair opened at $56,753 after a small rally from $55,000 yesterday. Currently, there is a slight pullback aiming to retest the $56,000 support and reject further declines. As a result, we expect the price of bitcoin to rise over the next 24 hours with the goal of breaking through the $59,000 resistance level.
Bitcoin price movements in the last 24 hours
The BTC/USD price fluctuated in the range of $55,572 – $57,939, indicating relatively low volatility. Trading volume fell 13% in 24 hours to $64 billion. The total market value of the stock is 1.06 trillion, representing a further 42.22% decline in market dominance.
4-hour chart BTC/USD – BTC
On the 4-hour chart, we see that bitcoin’s price action has diverged from new lows over the past few hours, suggesting that we will see new highs today.
The market as a whole has continued to lose momentum in recent weeks. After falling more than 25% from its all-time high of $65,000 in the second half of the year, bitcoin has begun a reversal near the $50,000 price level.
After that, two strong waves of increases began until the price of bitcoin reached the $59,000 mark. Since then, BTC/USD has struggled to make higher highs while making slightly lower lows, meaning the market is trading in an increasingly narrow range.
On Monday, bitcoin pulled back and set another higher low, suggesting that the market is still technically bullish. After some consolidation below $56,000, BTC/USD moved higher overnight and recovered much of its losses.
Earlier in the day, bitcoin made a small pullback to the $56,000 level, rejecting a further decline. Therefore, we expect BTC/USD to make another attempt to break out above $59,000 later this week unless a lower low is formed.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish, as the market moved higher yesterday, rejecting further declines after retesting the $56,000 support level earlier in the day. Therefore, bitcoin is expected to break through the $59,000 resistance level in the next 24 hours and the next price target is $61,000.
In anticipation of a further rise in the price of bitcoin, check out our latest guides on how to buy bitcoin with a credit card and how to use bitcoin. To learn more about the cryptocurrencies market, read our guide to investing in cryptocurrencies.
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