Bitcoin price prediction is bullish after Friday’s consolidation to $60,600

Bitcoin price prediction summary

• The price of Bitcoin is positive on the 1-day chart after sellers established a lower high overnight.
• The overall cryptocurrency market performance is trading in the red zone.
• Bitcoin(BTC) fluctuated within a tight range starting from an intraday low of $60,959 to an intraday high of $61,954.

The price of Bitcoin is positive on the 1-day chart after sellers established a lower high overnight at $60,959.As a result, we are anticipating a strong bounce upwards to the $62,000 resistance level. 

Data from the Coin360 heatmap shows the overal cryptocurrency market performance is trading in the red zone on the daily chart. Ethereum has shed 0.88 percent of its value, while Bitcoin has gone down by 1.47 percent. The best performer of the day is Binance Coin after adding 5 percent in the last one day. Solana, Vechain and Cardano also gained more than 2 percent. 

Source: Coin360

1-day Bitcoin price prediction chart

According to our daily Bitcoin price prediction, Bitcoin(BTC) fluctuated within a tight range starting from an intraday low of $60,959 to an intraday high of $61,954. Therefore, suggesting low volatility on the 1-day candlesticks. The leading coin has a market dominance of 43.51 percent and a total market capitalization of $1.154 trillion.

BTC/USD 4-hour chart. Source: TradingView

There are signs of bearishness on the hourly chart with a long red candlestick breaking below the $61,500 minor resistance. While there are signals of the price reversing once more and heading towards $61,900; the short term momentum might remain bearish and have the price retest $61,300. 

The price of Bitcoin has been trading bearishly since the bulls set up a new ATH at $67,083. Bitcoin’s major support was established at $58,000 on the close of October following days of high market choppiness. 

Since the beginning of November, the price of the BTC/USD pair has consolidated around the $60,000 psychological support after breaking below the $63,000 resistance. Nonetheless, perfomance of the leading coin over the last few weeks is a suggestion of incoming bullisj momentum. Therefore, we can anticipate the price of BTC to move higher and break past the $63,000 mark. 

Bitcoin price prediction conclusion

The price of Bitcoin will rise in the next 24-hours as suggested by our daily Bitcoin price prediction. The bulls are consolidating sufficient strength to pull out a rapid rally against resistance at $62,000.

In the meantime as you wait for Bitcoin to record some positive changes, check out our latest news on Bitcoin ETFs, a Linkedin study linking big cities with highest crypto hires as well as our list of the top DeFi projects in 2021.