Bitcoin price analysis is bullish today.BTC/USD consolidated below $39,500 overnight.Quick spike to $38,000 seen earlier.
Bitcoin price analysis is bullish today as we expect the current spike to $38,000 to end the several-day retracement. Likely bears are now exhausted, and BTC/USD is ready to reverse.
Cryptocurrency heat map. Source: Coin360
The market has traded with a slight loss over the last 24 hours. The leader, Bitcoin, declined by 0.82 percent, while Ethereum followed with a 0.71 percent decline. Terra (LUNA) and Binance Coin (BNB), meanwhile have remained steady and posted small gains.
Bitcoin price movement in the last 24 hours: Bitcoin retraces to $39,500, fails to break higher
BTC/USD traded in a range of $38,211.65 – $39,640.18, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24.47 percent, totaling $19.23 billion. Meanwhile, the total market cap trades around $735.6 billion, leading to a market dominance of 42.03 percent.
BTC/USD 4-hour chart: BTC test downside for the last time?
On the 4-hour chart, we can see the Bitcoin price action making another quick spike lower over the past hours, with the $38,000 mark offering support.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action managed to set a strong higher high this week. From the $37,00 low, BTC/USD quickly gained around 20 percent early in the week, indicating that the overall market structure has turned bullish.
After further spike higher posted a new high at $45,600 on the 2nd of March, the market started to reverse during the middle of the week. Rapid decline lower was seen during the second half of Thursday, with the $42,000 mark broken without much hesitation.
Overnight to Saturday, BTC/USD reached $39,000 before starting to pivot higher. However, not much more upside could be gained as the $39,500 mark offered resistance. Since then, the Bitcoin price has spiked lower once more, testing $38,000.
Overall, we should see a new higher low set today. Bullish momentum should return next week, meaning a new higher high could be attempted over the next days.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we expect the current spike lower to have ended the several-day retracement. Therefore, another higher low is set, and we should see further upside next week.