Bitcoin price analysis is bullish today.BTC/USD retraced to retest previous highs as support yesterday.A strong rally began during the second half of the day.
Bitcoin price analysis is bullish today as we have seen a quick retracement to $45,000 from previous major resistance, with a quick reaction higher so far. Therefore, BTC/USD has set another higher local low and is ready to test further upside over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has turned bullish over the last 24 hours as recovery is seen across the board. The market leader, Bitcoin, has gained 0.18 as the previous loss has been regained, while Ethereum has increased by 2.4 percent.
Bitcoin price movement in the last 24 hours: Bitcoin sets another higher low
BTC/USD traded in a range of $44,403.14 – $46,616.24, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.36 percent, totaling $44.465 billion, while the total market cap trades around $884.5 billion, resulting in market dominance of 41.46 percent.
BTC/USD 4-hour chart: BTC ready to continue higher?
On the 4-hour chart, we can see a strong push higher over the second half of the day, indicating bullish momentum returning in the market.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price has seen a strong spike higher early in the week leading to the $48,000 next major resistance. Previous major swing highs around $45,000 – $46,000 were broken without much hesitation, indicating strength in the overall market structure.
During the middle of the week, BTC/USD consolidated as bearish momentum slowly returned. Ultimately, quick retracement followed yesterday, leading to the retest of the previous resistance area as support around $45,000.
However, the bearish momentum did not follow for long as a strong reversal began over the second half of the day. Bulls have already pushed above $46,000, with further upside leading to $48,000.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong higher high set around $45,000 and further upside since then. Therefore, BTC/USD is expected to see further upside over the weekend, likely leading above $48,000.