Bitcoin price analysis is bullish today as the market has retraced and found support at $29,500. Therefore, we expect a reversal back to the upside to follow and push above the $32,500 local high by the end of the week.
Cryptocurrency heat map. Source: Coin360
The market has seen mixed results over the last 24 hours as support and reaction higher was seen across the board. The leader, Bitcoin, gained 0.34 percent, while Ethereum gained 1.15 percent, with the rest of the top altcoins performing with similar results.
Bitcoin price movement in the last 24 hours: Bitcoin ends retracement, begins to test upside again
BTC/USD traded in a range of $29,501.59 to $30,388.63, indicating moderate volatility over the last 24 hours. Trading volume has declined by 4.34 percent, totaling $33.62 billion, while the total market cap remains around $575.34 billion, resulting in a dominance of 46.2 percent.
BTC/USD 4-hour chart: BTC ready to rally?
On the 4-hour chart, we can see the first attempts to return higher indicating that more upside should soon follow.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen a strong rally at the end of last week. Previous major resistance at $31,000 was broken in a clear way as BTC/USD found resistance at $32,500.
From there, consolidation followed over the beginning of the week as the market prepared for a retracement. A strong push lower eventually followed yesterday, resulting in over 9 percent retracement.
So far the newly found support at $29,500 seems to hold up strong. Likely we will see a push higher soon, confirming a strong higher local low. Based on this, we expect Bitcoin price action to soon return above $31,000 and look to break further higher high soon.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as the market has set a higher low at $29,500 and now looks to push higher. Therefore, we expect BTC/USD to rally above $31,000 over the next 24 hours and look to break the $32,500 local high by the end of the week.