Bitcoin Price Prediction: BTC almost tests $60,000 before facing rejection at $59.7K

Bitcoin Price Prediction Breakdown

• Bitcoin price prediction shows signs of bullishness.
• BTC/USD rallied towards $59,000 overnight.
• Market prepares to rise in the next 24-hours.

According to our Bitcoin price prediction today, BTC/USD price is strongly bullish. As we anticipate another higher to be established above $59800, near the daily high. As a result, BTC/USD could test the $60,000 support any time soon.

Cryptocurrency heat map. Source: Coin360

Bitcoin climbed by 4.38 percent over the last 24 hours, with the overall market gaining in value. Ethereum rose 5.35 percent while the rest of the top altcoins followed suit.

Bitcoin price movement in the last 24 hours: Bitcoin tests $59,000 resistance

The BTC/USD pair was trading at $58,500.35 to $59,770.61 on Sunday morning (UTC), with a significant amount of volatility over the last 24 hours. Trading volume has decreased by 20.88 percent, totaling $34.3 billion, while market capitalization stands at around $1.2 trillion and market dominance is at 52.80 percent.

BTC/USD 4-hour chart: BTC looking to reverse below $59,000?

We can see the Bitcoin price action consolidate below $59,000 over the past several hours, suggesting a possible reversal later today on the 4-hour Bitcoin price prediction chart.

BTC/USD 4-hour chart. Source: TradingView

On the 9th of November, the Bitcoin price hit a new all-time high of $68,550, after a successful start to the month. However, a severe reaction selloff to $63,000 followed a day later.

On Friday, the price of Bitcoin attempted to rise higher late last week, peaking at $66,000 before another steep drop began on Monday. BTC initially gained support at $59,000 on Thursday, followed by a further fall to $56,000 the next day.

The Bitcoin price quickly recovered from the $56,000 mark after a small dip. BTC/USD has steadily risen through today’s trading session, with consolidation evident since yesterday’s opening. A break above the resistance is most likely, which will indicate that further losses are ahead.

Bitcoin Price Prediction Conclusion 

The bitcoin price fell to a new low today, with the $59,000 level once again preventing further gains. We anticipate that BTC/USD will decline over the next 24 hours, continuing the overall several-week bearish trend.