- BTC moves to retest the $50,000 mark.
- $47,000 support retested overnight.
- Next support at $45,000.
Today’s Bitcoin price prediction is bearish as the market failed to move above the $50,000 mark and currently has reversed to retest the $47,000 support for the third time. If the support breaks, we should see further downside to the next support at the $45,000 mark.
The overall market traded relatively calm over the last 24 hours as Bitcoin remained flat with a small loss of 0.37 percent. Ethereum dropped slightly more than 4 percent, while the best performance is seen for Ripple as it is up by 13.5 percent.
BTC/USD opened at $46,771 after a strong push move lower yesterday resulted in another retest of the $47,000 support level. Over the past hours, Bitcoin has made a lower high, meaning that we should see further push lower over the next 24 hours.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $46,624 – $49,720, indicating a moderate amount of volatility. Trading volume has remained relatively flat over the last 24 hours and totals $55.9 billion. The total market cap stands at $911.3 billion, resulting in market dominance of 40.34 percent.
BTC/USD 4-hour chart – BTC
On the 4-hour chart, we can see Bitcoin price moving lower over the past hours, indicating we should see further downside over the next 24 hours.
The overall market continues to set further bearish price action structure over the past weeks. After slowing down during March, BTC/USD eventually set a new all-time high just below the $65,000 mark on the $14th of April. From there, the Bitcoin price dropped by more than 25 percent until support was reached at the $47,000 mark.
Over the past weeks, Bitcoin trades sideways after regaining some of the previous loss. BTC/USD established a clear resistance around the $59,000 mark, with several failed attempts to move higher. Therefore, a sideways consolidation was formed in the first days of May, indicating that the market is unable to move any higher.
On the 12th of May, another failed attempt to move higher was set and resulted in a sharp drop of around 20 percent over the following hours. Bitcoin price found support around the $47,000 mark once again, with bulls picking up further selling pressure, resulting in several rejection candles.
However, after a retest of the $51,500 resistance on Friday, Bitcoin moved lower over the next 24 hours and retested the $47,000 support again. Earlier today, BTC/USD attempted to move back above the $50,000 mark. Since further upside was not seen, we expect Bitcoin to push lower over the next 24 hours, with the next support target at $45,000. Once the support is reached, the overall market structure would turn even more bearish, indicating that we can prepare for a much serious several-week retracement later this month.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bearish as the market failed to move above the $50,000 mark over the past hours and currently prepares to push lower once again. Therefore, we should see BTC/USD push towards the next support at $45,000 over the next hours, which would mean a very bearish indication for the overall several-week Bitcoin price action momentum.
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