logo

Bitcoin price analysis: Bitcoin spikes above $40,000, ready to breach $42,000 next? 

Bitcoin price analysis

TL;DR Breakdown

  • BTC pushed higher overnight.
  • Resistance at $40,000 broken.
  • Next target at $42,000.

Bitcoin price analysis is bullish for today as the market spiked higher overnight and breached the $40,000 resistance over the past hours. Therefore, we expect BTC/USD to move higher to the $42,000 mark later today.

Bitcoin price analysis: Bitcoin spikes above $40,000, ready to breach $42,000 next?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a huge gain over the last 24 hours. Bitcoin is up by 13 percent, while Ethereum by 9 percent. Rest of the altcoin market follows this pattern of substantial gain.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $35,730 – $40,773, indicating a moderate amount of volatility. Trading volume has spiked by 58 percent and totals $49.2 billion. Meanwhile, the total market cap stands at $759 billion, resulting in a market dominance of 43.81 percent.

BTC/USD 4-hour chart – BTC spiked above $40,000

On the 4-hour chart, we can see bulls moving the Bitcoin price higher overnight and breaching the $40,000 resistance.

Bitcoin price analysis: Bitcoin spikes above $40,000, ready to breach $42,000 next?
BTC/USD 4-hour chart. Source: TradingView

The overall market price action structure has become increasingly bullish over the last 24 hours as a new high thigh was set earlier today. This was a result of a final retest for further downside on 7th of June around the $31,000 mark.

After a rally to the $38,000 level, BTC/USD retraced again and found support at the $35,000 support. After some consolidation around the support, the Bitcoin price started to rapidly move higher late yesterday and reached the $40,000 resistance overnight.

What followed was another brief consolidation below the $40,000 resistance, with a break higher seen over the past hours. Therefore, bulls are still in control and we should see further upside to the $42,000 during the remainder of today.

After the $42,000 resistance is reached, BTC/USD will likely retrace to set another higher low, which could then be used to enter the market. Once BTC retraces, we can expect bulls to target the $47,000 resistance next, meaning a good potential profit opportunity over the next week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as bulls continue pushing BTC/USD above the $40,000 with the next resistance at $42,000 in sight. Therefore, a strong high thigh has been set and we can expect the overall market price action structure to continue moving higher.

While waiting for further Bitcoin price action development, read our guide on How to trade, cash out, and buy Bitcoin stock.

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.

Related News

Hot Stories

Jordan Forex Expo & Awards (JFEX) is coming again for the 21st time!
Dubai’s top Crypto Event of the year – “Crypto Fest 2022”, is happening on 19th & 20th October 2022
Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Bitcoin, Binance Coin, Shiba Inu, and Avalanche Daily Price Analyses – 18 August Morning Price Prediction

Follow Us

Industry News

Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Redditor create a bot for crypto price predictions
Korean police set to accept crypto for traffic fines after 88% program success
How to bridge to Dogechain?