- BTC is over $51,500 in support.
- The closest support is at $47,000. The total of $1.5 billion has not yet been reached.
- Bulls will likely push BTC/USD to retest $51,500 as resistance.
The outlook for the bitcoin price is bullish today, as further declines appear unlikely after falling about 14% in the past 24 hours. Therefore, we expect BTC to rise today to retest the previous support at $51,500 as resistance.
Heatmap for crypto-currencies. Source : coin360
The cryptocurrency market is in the red today, while below has seen a sharp rise across the board. Bitcoin is down 10% and Ethereum is down 11%. Among consumer algorithms, Ripple and Vechain performed the worst, with losses of 19 and 23%, respectively.
BTC/USD opened at $51.695 after yesterday’s bearish close. The price of bitcoin fell even further overnight, reaching a new low of $47,500. As a result, BTC/USD has lost 26.5% in the past week and we should see a correction over the weekend. The first upside target is at the former support at $51,500, which should now act as resistance.
Bitcoin price movements in the last 24 hours
The price of BTC/USD has fluctuated between $47,714 and $55,410, indicating massive volatility. Meanwhile, trading volume of 24 rose sharply by 50.7% to $90.2 billion. The total market capitalization is again below the $1 trillion mark and is trading at $905 billion, with a market dominance of 51.59%.
4-HourBTC/USD Chart – BTC sets a new low at $47,500.
On the 4-hour chart, the BTC price failed to reach the $47,000 support, while some upside momentum took over the bitcoin price. Nevertheless, we could see further declines today before we see a significant upward correction over the weekend.
4-hour chart BTC/USD. Source: TradingView
As we pointed out in our previous bitcoin price forecast, the market reached a new low around $55,500 yesterday, following a quick rally to retest support at $51,500. From there, BTC/USD moved lower in the afternoon until support at $51,500 was breached with little movement. The downward momentum continued overnight, marking a new low at 47,500.
Overall, the price of bitcoin has lost about 26.5 percent from its previous all-time high, just under $65,000. Since there have been two strong bearish waves to the downside, we could see a change in bitcoin prices later this month.
For now, however, the market should make up some of last night’s losses. The first clear resistance lies at the previous support at $51,500, which should now act as resistance. If this figure is achieved at the current price of about $48,300, it would only represent a reduction of about 6-7%. Therefore, a much more realistic target for the next reversal is the previous consolidation support at $54,000.
Once BTC/USD pulls back, it is important to wait for the next move down. Unless bitcoin reaches higher levels, we will see another sharp decline next week. The next area of support is around $45,000-47,000.
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish now that BTC/USD made another strong push overnight. Support at $47,000 could be reached today as there are currently no significant signs of a return to growth. Still, we expect BTC/USD to recoup some of its losses in the next 24 hours, with the first resistance target at $51,500.
As the price of bitcoin continues to evolve, read our guide on how bitcoin works and how to use mining software. Also, read our article on how Litecoin and Bitcoin compare to see which will outperform in the coming months.
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