Bitcoin price analysis is bullish today.BTC/USD saw another failure to break higher.Support at $39,200 is still strong.
Bitcoin price analysis is bullish today as we have seen further consolidation over the last 24 hours with rejection for the downside. Therefore, BTC/USD has likely established a strong enough base to rally higher over the next week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours with low volatility. The market leader, Bitcoin, lost 0.32 percent, while Ethereum 0.74 percent. The rest of the top altcoins followed close by.
Bitcoin price movement in the last 24 hours: Bitcoin moves sideways
BTC/USD traded in a range of $39,422.26 to $39,935.86, indicating low volatility over the last 24 hours. Trading volume has declined by 32.46 percent, totaling $15.7 billion, while the total market cap trades at $750.74 billion, resulting in a dominance of 40.97 percent.
BTC/USD 4-hour chart: BTC ready to break above $40,000?
On the 4-hour chart, we can see the Bitcoin price action rejecting the downside again over the last hours, likely leading to a break higher early next week.
BTC/USD 4-hour chart. Source: TradingView
The Bitcoin price action has seen a higher high set this week after an 11 percent rally to the $43,000 mark. From there, strong rejection for further upside was seen on 21 April 2022, followed by retracement over the next days.
BTC/USD quickly lost 8.5 percent to the $39,200 support, where the market has formed consolidation since. Considering the strong support right now, we expect that another higher low has been set, and more upside will follow soon.
Likely, once the Bitcoin price action moves back above $40,000, a lot more upside will follow. The next target of local resistance is relatively close by – at $46,000 and, if broken, would further indicate another strong rally incoming over the next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen further consolidation, forming a strong base. Therefore, BTC/USD should soon begin to rally and break above the $40,000 mark.