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Bitcoin price analysis: Bitcoin ready to break $40,000 

Bitcoin price analysis

TL;DR Breakdown

  • BTC found support at $36,000 yesterday.
  • Next resistance at $42,000.
  • Further upside expected today.

Bitcoin price analysis is bullish for today as the market established a higher low around the $36,000 mark yesterday and currently moves away from it to break towards the next resistance at $42,000. 

Bitcoin price analysis: Bitcoin ready to break $40,000  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today. Bitcoin is up by 2.46 percent while Ethereum by 5.88 percent. The rest of the altcoin market follows this pattern with Binance Coin (BNB) being among the best performers.

BTC/USD opened at $36,856 after a bearish close yesterday. After a brief spike to the $36,000 mark the Bitcoin price momentum shifted and started pushing higher overnight. Therefore, we expect further upside over the next 24 hours.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $35,717 – $37,917 indicating a good amount of volatility. Trading volume has decreased by 10.73 percent and totals $35.1 billion. The total market cap has remained relatively unchanged and totals $706.7 billion, resulting in a market dominance of 41.20 percent.

BTC/USD 4-hour chart – BTC prepares to spike higher?

On the 4-hour chart, we can see the Bitcoin price action starting to move away from the $36,000 support, indicating further upside later today.

Bitcoin price analysis: Bitcoin ready to break $40,000
BTC/USD 4-hour chart. Source: TradingView

The overall market price action continues to gain bullish momentum after the several week downswing to the $30,000 support last month. However, over the past weeks, we can see BTC/USD starting to set several higher lows and only slightly lower highs.

Therefore, the Bitcoin price action trades in an increasingly tighter range with the latest support being at $36,000 and resistance at $39,000. Once BTC/USD breaks higher, we can expect the market price to move higher and try to reach the next resistance at $42,000. 

Alternatively, if the $36,000 support breaks, we can expect Bitcoin to spike towards $34,000. This would also indicate a lack of bullish momentum overall and could lead to further downside later this month. 

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the BTC/USD price action rejected further downside around $36,000 support yesterday and currently prepares to push higher. Therefore, we expect BTC to break above the $40,000 resistance this weekend.

While waiting for further Bitcoin price action development, read our latest guides on how to buy Cardano, mine Zcash, and Bitcoins left to mine

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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