Bitcoin price analysis is bullish today as we have seen another rejection for downside yesterday and steady consolidation since. Therefore, BTC/USD should soon start to reverse and look to move back above the $31,000 major resistance.
Cryptocurrency heat map. Source: Coin360
The market has traded mostly in the green over the last 24 hours, despite Bitcoin experiencing a slight decline of 0.12 percent. Ethereum gained 0.55 percent, while the rest of the top altcoins followed close by.
Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $29,500
BTC/USD traded in a range of $29,375.69 to $29,876.26, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 20.65 percent, totaling $23 billion, while the total market cap trades around $566.45 billion, resulting in a dominance of 46.24 percent.
BTC/USD 4-hour chart: BTC prepares to push higher?
On the 4-hour chart, we can see bulls steadily taking over the momentum as further downside could not be reached overnight.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen swift retracement over the past days. From the previous high set at $32,250 on 31 May 2022, BTC/USD has already retraced over 9 percent to the $29,500 low.
From there, BTC attempted to continue higher during the middle of the week. However, bullish momentum ended as soon as the $30,500 mark, meaning a strong lower local high was set.
Bearish momentum returned soon after, pushing back to the $29,500 previous low and briefly testing below it. Since support was found around the same area, we can see that a double bottom reversal pattern is set, meaning more upside should soon follow.
Bitcoin price should next start moving higher as a result of this price action development. Most likely, we will see another attempt to break past $31,000 over the next days, which should open the way for a lot more upside later in June.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen failure to break significant further lows over the last 24 hours. Therefore, BTC/USD should reverse from the $29,500 mark and look to head higher by the end of the weekend.