- BTC established a base above $33,000 overnight.
- Market prepares to push higher.
- Next target to the upside around $38,000.
Bitcoin price analysis is bullish for today as the market set a higher low over the past 24 hours and established a base from which to push higher later today. Therefore, we expect BTC/USD to start heading towards the $38,000 resistance over the weekend.
The overall crypto market trades with mixed results over the last 24 hours. Bitcoin saw a slight increase of 0.85 percent, while Ethereum declined by almost a percent. The rest of the crypto market trades with similarly mixed results.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $32,770 – $33,939, indicating a moderate amount of volatility. Trading volume has increased by 4.39 percent and totals $37.2 billion. Meanwhile, the total market capitalization trades around $627.9 billion, resulting in market dominance of 45.72 percent.
BTC/USD 4-hour chart – BTC prepares to push higher?
On the 4-hour chart, we can see the Bitcoin price establishing a higher low over the past hours as bulls prepare for another wave up.
The overall market structure is still bearish as a lower low was set on the 22nd of June after a strong retracement from the $41,500 previous swing high. However, this could be the last lower low before we see BTC/USD reverse in a major way and end the several-month retracement from the $65,000 all-time-high.
The first sign of reversal was seen earlier this week as a higher local high was set around $36,500. From there, BTC/USD reversed over the past 24 hours to establish another higher low from which to move higher over the next few days.
Currently, Bitcoin price action has established support around $33,000, with further attempts to move lower not being made. This should lead BTC/USD towards further highs over the weekend as bulls want to finally break the $38,000 resistance. From there, we can expect Bitcoin bulls to target the $41,500 several-week high and push the market towards the all-time high from there.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the upcoming days as the market retraced after setting a higher local high and formed a base from which to move higher. Therefore, we expect BTC/USD to reverse back to the upside and attempt to reach the $38,000 major resistance next.
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