FX.co ★ Bitcoin forecast for 20th May, 2021

• BTC found support at $30,000 yesterday.
• $42,000 resistance tested yesterday.
• BTC/USD moved sideways earlier today.

Today's Bitcoin price projection s bullish as the market currently consolidates and prepares a base from which to push higher over the remaining week.

The crypto market trades in the red over the last 24 hours. Bitcoin has managed to regain some of the losses seen earlier and trades with a small loss of 1.8 percent. Meanwhile, Ethereum trades with a loss of 8.9 percent, with the rest of the altcoin market posting similar results.

The BTC/USD price moved in a range of $30,681 – $40,738, indicating a good amount of volatility. Trading volume has increased by 87.65 percent and totals $131 billion over the last 24 hours. The total market cap stands at $752 billion, resulting in market dominance of 43.31 percent.

On the Daily chart, we can see BTC/USD testing the $42,000 support which turned resistance for the first time with a rejection for further upside. Therefore, the Bitcoin price has likely exhausted its bearish momentum, and further downside is unlikely.

The current BTC/USD price action should lead higher over the remainder of the week. Once the $42,000 resistance breaks, we expect further push higher to the $47,000 resistance. From there, the Bitcoin price action will likely attempt to set a higher low and try to reverse back to the upside over the next weeks.