- BTC continued to move sideways yesterday.
- Support at $36,000 still holds.
- Next resistance at $40,000.
Bitcoin price analysis is bullish for today as the market still rejects further downside, indicating that a higher low is set and we can expect BTC/USD to move higher this week.
The overall market trades flat over the last 24 hours. Bitcoin has lost 0.69 percent, while Ethereum has gained 1 percent. Rest of the altcoin follows this pattern, with Solana (SOL) being an exception with a small gain of 7 percent.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $35,304 – $36,790, indicating a moderate amount of volatility. Trading volume has decreased by 18.5 percent and totals $29.5 billion. Meanwhile, the total market cap stands at $675.6 billion, resulting in a market dominance of 40.87 percent
BTC/USD 4-hour chart – BTC still calm
On the 4-hour chart, we can see the market moving sideways over the last 24 hours, indicating that a base from which to move higher later today has been established.
The overall Bitcoin price action still trades with a bearish sentiment. After a strong retracement in May, support was finally found around the $30,000 mark. From there, BTC/USD started moving sideways with the $36,000 price mark serving as the middle of the range support/resistance.
Over the past week, both a higher low and lower high was set, indicating that Bitcoin is trading in an increasingly tighter range. Therefore, until either a higher high or lower low is set, we can expect BTC/USD to trade in an increasingly tighter range.
Considering the previous price action, we can assume that bears are exhausted overall and we should see BTC/USD spike higher above the current local high of $40,000. From there, the next target is located at the $42,000 mark. Once the $42,000 resistance breaks, bulls would establish a clear signal that the several-week price action momentum has turned bullish once again.
Therefore, later this month, we expect a lot more further upside for the Bitcoin price. After the $42,000 mark is reached, indicating a higher high, we should see another higher low set. From there, traders can start to enter a long position with the expectation that the next resistance at $47,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as the market has established a base from which to move higher around the $36,000 support. Therefore, we expect BTC/USD to push towards the next resistance target at $42,000 later this week.
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