Bitcoin price analysis is bullish today as we expect more upside to follow after a steady advance higher over the last 24 hours. Therefore, BTC/USD will likely attempt to break $31,000 and continue higher from there.
Cryptocurrency heat map. Source: Coin360
The market has seen more upside tested over the last 24 hours as bullish momentum persisted. The leader, Bitcoin, gained a decent 1.68 percent, while Ethereum gained a more substantial 3.03 percent. From the major altcoins, BNB and DOT were the top performers, with around a 6 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin continues towards $31,000
BTC/USD traded in a range of $29,869.83 to $30,590.59, indicating mild volatility over the last 24 hours. Trading volume has increased by 32.42 percent, totaling $25.53 billion, while the total market cap trades around $580 billion, resulting in market dominance of 44.24 percent.
BTC/USD 4-hour chart: BTC pauses at $30,500
On the 4-hour chart, we can see slight consolidation forming since morning, indicating that a break higher could soon follow.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has traded within a consolidation for more than a week now. A clear support area was initially found around $29,000 and retested several times last week, while resistance was established around $31,000.
Since then, no clear indication of where the market is headed can be seen. Likely BTC/USD will attempt to break the $31,000 mark, however, we might as well see a reversal once more.
Considering this Bitcoin price action development, we should wait for further price action to make sure that the market is indeed bullish. If a clear higher high is set, BTC should see further upside over the following days.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a steady advance from the $29,000 support to the $31,000 local resistance. Therefore, if the momentum continues, we should soon see BTC/USD break above the current consolidation area.