- BTC retests $35,000 overnight.
- Strong move lower seen yesterday.
- Next price target at $40,000.
Bitcoin price analysis is bullish for today as bears could not move past the $35,000 mark and the market consolidated overnight. Therefore, we expect BTC/USD to push higher next week and finally breach the $40,000 mark.
The overall market trades with a slight loss over the last 24 hours. Bitcoin remains flat, while Ethereum has lost 3 percent. The rest of the market follows this trend of slight loss with only some altcoins as an exception.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $34,864 – $36,120, indicating a moderate amount of volatility. Trading volume has decreased by 24.64 percent and totals $31 billion. The total market cap trades at 673.7 billion, resulting in a market dominance of 44.4 percent.
BTC/USD 4-hour chart – BTC still holds $35,000
On the 4-hour chart, we can see the Bitcoin price action establishing a base above the $35,000 mark, indicating that the market will move higher over the next 24 hours.
The overall market price action structure is still neutral. After Bitcoin retraced for several weeks to the $30,000 low, resistance was established at the $40,000 mark.
Since then the market has set several slightly lower highs and slightly higher lows, indicating that BTC/USD is trading in an increasingly tighter range. However, on the 7th of April, BTC/USD spiked lower and retested the $31,000 mark again. From there, an equally strong rally was seen and resulted in another lower high set.
This price action development means that bears are still in control. As long as Bitcoin price action fails to set a higher high we can expect further sideways movement over the next week.
However, short-term, we expect BTC to move higher as further downside was rejected overnight. The $38,000 resistance will likely be retested again and we can expect a potential breakout higher from there.
For now, it is best to stay on the sidelines and wait for further price action development..
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as the market retraced yesterday and established a slight consolidation above the $35,000 mark. Therefore, we expect BTC/USD to push higher over the next 24 hours and try to breach the next target at $40,000 later this month.
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.