TL;DR Breakdown
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.
While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.
