Bitcoin (BTC) Price Prediction 2022: Will BTC Rise Back above $65000?

After a gigantic downfall following the global tensions and speculations of war, the crypto space is trying hard to validate a recovery.

Bitcoin price analysis: Aiming for $65K after a brief consolidation at lower support

Bitcoin price analysis is bullish today as we have seen a strong reaction higher after a brief consolidation at the $60,000 support. Therefore, we expect BTC/USD to continue higher over the next 24 hours and aim to reach the $65,000 resistance.

The world’s largest cryptocurrency has seen a strong rally over the past few weeks, setting several new all-time highs along the way. After reaching a peak price of $64,800 on April 14, BTC price began to consolidate. This consolidation lasted for several days and saw Bitcoin’s price drop to a low of $60,000.

However, the bulls stepped in at this key support level and pushed Bitcoin’s price back up to the $63,000 level. From here, we can expect another attempt at breaking through the $65,000 resistance zone.

Bitcoin price movement in the last 24 hours: Bitcoin recovers above $63,000 again

BTC/USD opened trading today at $63,063.63, setting a clear higher low after the strong drop to $60,000 seen yesterday. During the first half of the day, Bitcoin’s price slowly declined further to the $62,800 mark. However, in the afternoon, bulls quickly recovered and pushed BTC/USD back up to $63,200.

From there, another strong push higher followed, leading Bitcoin’s price to a high of $63,966.16 by the evening. At press time, BTC/USD trades once again at a higher high, setting the stage for a further rally towards the $65,000 resistance.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price analysis: Aiming for $65K after a brief consolidation at lower support

4-hour technical analysis suggests that Bitcoin price action is bullish today after a strong reaction higher from the $60,000 support. After setting a clear lower high at $64,800 on April 14, BTC/USD began to consolidate.

This consolidation saw Bitcoin’s price drop to a low of $60,000, marking a total decrease of nearly $5,000 from the 14th. However, the bulls stepped in and pushed BTC/USD back up to the $63,000 level once again.

From here, we can expect another attempt at breaking through the $65,000 resistance zone, which has proven to be difficult to clear over the past few weeks. A clear 4-hour candle close above $65,000 should finally lead to further bullish momentum.

Overall, the technical structure remains bullish, and we can expect further gains over the next 24 hours. However, caution is advised as a clear rejection at $65,000 could lead to another bearish attempt.

Bitcoin price analysis: What to expect next

Looking ahead, we can expect Bitcoin’s price to continue rising over the next 24 hours as the bulls attempt to push BTC/USD to the $65,000 resistance zone once again.

If Bitcoin’s price manages to break through this resistance level, we can expect further bullish momentum to carry BTC/USD towards the $70,000 price level. However, a clear rejection at $65,000 could lead to another bearish attempt.

In this case, we can expect Bitcoin’s price to drop back down towards the $60,000 support level once again. A clear break below this support would invalidate the bullish outlook.

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