TL;DR Breakdown
Bitcoin price analysis is bullish today.BTC/USD saw its previous loss regained yesterday.Further spike to $41,500 currently rejected.
Bitcoin price analysis is bullish today as we expect more upside to be tested after a strong recovery and a slightly higher local high set. Likely BTC/USD will move to the $42,000 resistance as the momentum is still strong.
Cryptocurrency heat map. Source: Coin360
The market has gained ground over the last 24 hours. The leader, Bitcoin, gained 3.34 percent, while Ethereum gained 4.92 percent. Meanwhile, the rest of the top altcoins follow close by.
Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $40,600, tests further upside
BTC/USD traded in a range of $40,244.00 – $41,672.96, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.36 percent, totaling $29.145 billion, while the total market cap trades around $785.6 billion, resulting in market dominance of 41.02 percent.
BTC/USD 4-hour chart: BTC looks to continue higher?
On the 4-hour chart, we can see some initial rejection at the $41,500 previous local high, potentially indicating that a slight downside could be seen over the next hours.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen another spike lower at the beginning of the week. A new low was set at $38,500 before a strong reaction followed later in the day.
Previous resistance at $40,600 was broken during the second half of the day, with consolidation following later. Overnight, any further upside was rejected, leading to more consolidation above $40,600.
However, more downside did not follow. The Bitcoin price action made another quick spike higher, this time above the $41,500 resistance.
Therefore, if the current momentum persists, we should see even further upside over the next 24 hours. Alternatively, BTC/USD will likely reverse and continue the several-week decline.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong push higher back above the previous local high. Therefore, if the momentum keeps up, BTC/USD should soon see further upside tested.
While waiting for Bitcoin to move further, see our articles on Web3 Startups, How to buy Terra, and How to stake Algorand.
