- BTC moved sideways yesterday.
- The market spiked above resistance earlier today.
- Bitcoin targets $37,500 next
Bitcoin price analysis is bullish today as the market resumed moving higher after spending yesterday below the $35,000 resistance. Therefore, we can expect BTC/USD to reach the next resistance at $37,500 over the next 24 hours.
The overall market trades in the green over the last 24 hours. Bitcoin has gained almost 6 percent, while Ethereum slightly more than 10 percent. VeChain is among the best performers with a gain of 16 percent.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $34,017 – $36,324, indicating a strong amount of volatility. Trading volume has increased by 7.4 percent and totals $37 billion. Meanwhile, the total market capitalization is around $680.7 billion, resulting in market dominance of 46.3 percent.
BTC/USD 4-hour chart – BTC spikes above $35,000
On the 4-hour chart, we can see the Bitcoin price action increasing further over the past hours as bulls finally breached the $35,000 resistance.
The overall Bitcoin price action structure is still heavily bearish over the past weeks. After BTC/USD set a higher high around the $41,000 mark on the 15th of June, the market started to retrace lower until support was found around $29,000.
From the $29,000 support, a strong rejection was seen for further downside, and BTC/USD moved to $35,000 next. Last week, BTC pushed lower again, this time setting a higher low above $30,000.
What followed was a strong move higher yesterday that resulted in consolidation below the $35,000 previous high. Since the Bitcoin price failed to move any lower, bulls took over control again and pushed the market above the $35,000 mark.
Therefore, we can see BTC/USD currently moving towards the $37,500 mark, which previously acted as strong support. Additionally, a higher local high has been set, meaning that the market structure is turning increasingly bullish once again. This should result in a further bullish price action movement in July.
However, Bitcoin has to set a strong higher high around $37,500 and retrace to set a second higher low. Once that is done, we can expect BTC/USD to move towards the previous all-time high at $65,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the next 24 hours as the market has spiked above the $35,000 resistance and is on the way to reach the $37,500 resistance next. Once the $37,500 resistance is reached, we can expect another retracement later this week.
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.