Bitcoin price prediction: Bulls build massive momentum as BTC/USD hovers near $58k

TL;DR

  • Bitcoin price prediction suggests a massive move in the works beyond $70k
  • Bitcoin bulls and bears struggling to hold the pair under the $60k resistance
  • Massive consolidation indicates that bulls have the necessary volume support
Bitcoin price prediction: Bulls build massive momentum as BTC/USD hovers near $58k 1
Cryptocurrency heat map by Coin360

The BTC/USD pair is undergoing a consolidation of sorts after being repeatedly rejected from the $60k highs. The technical indicators are all in neutral territory, and the direction for market participants remains unclear. The past few days’ dwindling price volatility shows that both bulls and the bears are getting impatient to drive the pair into their fold.

The bears have attempted to push the pair towards $55,489 lows, but the support is strong underneath. The buyers have bought the dip and took the pair back into the hallowed $58,100 zone. The pair is attempting to regain the $60k level to push beyond the $62,500 resistance zone. Fresh new all-time highs have eluded the pair for far too long. If past Bitcoin price prediction studies are anything to go by, the BTC/USD pair will convert the current phase into consolidation to shoot past the $62,500 highs.

Bitcoin price movement in the last 24 hours: Zig-zag action limits buying

The BTC/USD pair is drifting lower towards the $56,342 support region after touching the $58,100 high. The zig-zag motion is confusing the buyers who are looking for clarity in the cryptocurrency’s direction. Both the bulls and the bears are in a stalemate since recent rallies have proven dud. As per Bitcoin price prediction, the intraday charts are also showing massive resistance building up near the $60k pivot point.

The 50-day moving average is proving to be another resistance zone between $58,300 to $60,000. The sellers have so far maintained intense selling pressure near the $60,000 level to book profits. The rangebound price action in Bitcoin price prediction promotes profit booking as scalping is happening at a rapid pace before the weekend approaches.

Buyers will have to push up volumes and liquidity to create an uptrend on the daily chart. The slow buying momentum can kickstart a selling frenzy, especially before the weekend bell rungs. Bitcoin price prediction states that the momentum for buying may well pick during the weekend, as has been the past few weeks.

BTC/USD 4-hour chart: Neutral technical signals reflect uncertainty

Bitcoin price prediction: Bulls build massive momentum as BTC/USD hovers near $58k 2
Bitcoin price chart by TradingView

Most of the technical signals are showing neutral readings. Any decisive breakout from the current zig-zag price action will only happen once the price breaks out of the symmetrical triangle pattern. Despite the bullish underpinnings, the higher price targets remain elusive. The quest to cross $60,000 may leave intraday support levels untested. If the stalemate persists longer, the BTC/USD pair may descend into a selling frenzy.

The 4-hour BTC/USD chart shows a strong bias towards consolidation. The pair is not dropping below crucial support levels and pivot points near $54,000. The gains from the bull rally that began on March 25 have been erased from the charts. The zone between $55k to $60k is now fast becoming an accumulation zone that may help bounce back from the recent lows.

The volatility around the $58,150 region supports the bullish viewpoint further. However, the bearish Bitcoin price prediction states that RSI is still in the neutral zone and the MACD indicator. The bearish analysis also mentions oversold conditions building up near the $55,180 region that may help the pair prop up its buying momentum.

Bitcoin price prediction conclusion: Weekend holds the key to $60k

Investors are waiting for a bullish signal to emerge out of the current zig-zap price action. To escape the $60k resistance, the pair will have to muster up massive volumes over the weekend. The rising gap between $55k to $60k on the daily charts shows that a significant comeback is on the charts. The lower supports have been tested multiple times in the past week, and pivot points remain strong.

The Bollinger Bands are now contracting, which shows that a breakout is in the works. The upper band is now under $61k, and the lower band is rising from the $53k region. Once the Bollinger Bands’ appropriate shrinking is complete, the Bitcoin price prediction will only rush towards a breakout.

The BTC whales and prominent investors are all awaiting a bullish signal before they jump on the buying bandwagon. The institutional investors have slowly scaled up their buying by allocating more BTC proportions to the portfolios.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-prediction-2021-04-09/