Bitcoin price prediction indicates bearishness after BTC retested $60000

Bitcoin price prediction summary

• Bitcoin price prediction shows bearishness today.
• BTC/USD trading slightly above $60,000 psychological support. 
• Bearish momentum slowly returns.

The price of bitcoin has resumed its decline, as the cryptocurrency’s price fell further below the daily high of $63,617 today. As a result, BTC/USD is expected to move lower once again, with the $59000 region in focus next.

Cryptocurrency heat map. Source: Coin360

Data from Coin360 shows the majority of the crypto market is trading in the red zone. Bitcoin and Ethereum lost 6.8% and 7.8% respectively. Other altcoins lost not less than 3%  in the last 24-hours. 

1-day Bitcoin price prediction chart

The price of bitcoin (BTC/USD) fluctuated between $60293.91 and $63,617.69 for the past 24 hours, indicating limited volatility during that period. The volume of daily transactions involving BTC has gone up by 49% to $38.36 billion and the total market capitalization stands at roughly $1.141 trillion.

Bitcoin prepares for lower correction

On the 4-hour chart, we can see that the Bitcoin price is now retracing near $60,000, suggesting the possibility of a drop in the upcoming hours. As of this writing, BTC/USD is trading at $60801.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin’s price has been on a bearish trend for the past few days, with bears regaining momentum. BTC/USD hit a new all-time high of $68,550 on Monday after rising to an early peak of over $70,000 the day before.

The resistance was retested again on Wednesday, with a double top pattern forming before a sharp drop lower ensued. BTC/USD dropped around 8 percent until it found support at $63,000.

After the $66,000 peak, Bitcoins price fell below $64,000. The bears took control once again, dropping Bitcoin to $63k before reclaiming their footing. We expect the price of bitcoin to rise higher from there, possibly aiming for the $65k resistance.

Bitcoin price prediction conclusion 

Bitcoin price prediction is suggesting bearishness today as we expect further downsides to follow after  a retest of $63,000 support yesterday. BTC/USD likely will look to move below the psychological support at $60000 as was seen there earlier this week.