Bitcoin price analysis is bullish today.BTC/USD saw further decline yesterday.Support found around $39,000 overnight.
Bitcoin price analysis is bullish today as we expect reversal from the $39,000 support to follow after more selling was seen yesterday. Likely BTC/USD sellers are now exhausted, and bulls are ready to take over again.
Cryptocurrency heat map. Source: Coin360
The market has continued to decline over the last 24 hours. Bitcoin lost 3.53 percent, while Ethereum 1.18 percent. Terra (LUNA) is the worst performer from the majors, with a loss of almost 7 percent, while Ripple (XRP) has moved against the overall trend, with a gain of 3.8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks through $42,000, finds support at $39,000
BTC/USD traded in a range of $38,777.04 – $40,927.36, indicating substantial volatility over the last 24 hours. Trading volume has declined by over 22 percent, totaling $23.6 billion. The total market cap declined to $743.23 billion, resulting in a dominance of 42.25 percent.
BTC/USD 4-hour chart: BTC stops at $39,000
On the 4-hour chart, we can see the Bitcoin price starting to pivot higher as no further downside can be reached since late yesterday.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin market structure has seen a change in direction this week. After quick retracement to $37,000 at the end of February, a strong push higher was seen over the next 24 hours.
BTC/USD peaked at around $45,600 after over a 22 percent rally, indicating very bullish sentiment. Later in the week, consolidation formed, leading to a slow reversal back to the downside as bulls were finally exhausted.
On Thursday strong push lower began the retracement, resulting in a swift move towards the previous resistance area around $39,500. Late yesterday, support was finally found at $39,000, leading to think that the retracement has ended.
Bitcoin price should see a reversal from the current area later in the weekend, meaning a higher low is set once again. Overall, unless further downside is reached over the next 24 hours, we expect BTC/USD to start moving higher once again, likely starting next week with another rally.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as the market has seen strong support at $39,000 after further selling yesterday. Therefore, BTC/USD has likely set another higher low and is now ready to continue higher.