Bitcoin price analysis is bullish today.BTC/USD continued to consolidate yesterday.Another rejection for downside seen over the last hours.
Bitcoin price analysis is bullish today as we expect the current consolidation to have formed a strong support base from which to rally. Therefore, we expect BTC/USD to break the $39,500 resistance soon and reach new highs next week.
Cryptocurrency heat map. Source: Coin360
The market has seen slight bearish momentum over the last 24 hours. The leader, Bitcoin, lost 0.49 percent, while Ethereum 0.7 percent. The rest of the top altcoins follow close by.
Bitcoin price movement in the last 24 hours: Bitcoin still consolidates below $39,500
BTC/USD traded in a range of $38,494.57 – $39,308.60, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.2 percent, totaling $14.75 billion, while the total market cap trades around $739.4 billion, resulting in a dominance of 42.54 percent.
BTC/USD 4-hour chart: BTC ready to break higher?
On the 4-hour chart, we can see the Bitcoin price action rejecting downside again over the past hours, likely meaning that next week will start bullish.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen a strong sign of recovery over the first half od this week. From the $37,200 previous low, BTC/USD rallied over 14 percent until a new high was set at $42,600 on the 9th of March.
Strong retracement followed immediately, taking BTC to a new higher low of around $39,000. The market has since consolidated around this price area, forming a strong base from which to rally next week.
Overall, the Bitcoin price structure seems to be good for another strong push higher next week. Likely once the $39,500 local resistance gets broken, we will see alot more upside rather quickly.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as the market has continued to consolidate and reject the downside. Therefore, the $39,500 resistance should break soon, leading BTC/USD towards new highs tested next week.