- BTC moved higher yesterday.
- Higher low set earlier this week.
- Next resistance at $38,000.
Bitcoin price analysis is bullish for today as the market started pushing higher yesterday after setting a higher low of around $33,000. Therefore, we expect BTC/USD to reach towards the next resistance at $38,000.
The overall market trades in the green over the past 24 hours. Bitcoin has increased by 2.53 percent, while Ethereum by almost 5 percent. Uniswap (UNI) is among the best performers, with a gain of over 9 percent.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $34,314 – $35,662, indicating a substantial amount of volatility. Trading volume has remained relatively flat, around $25.5 billion. Meanwhile, the total market capitalization trades around $664.5 billion, resulting in market dominance of 45.3 percent.
BTC/USD 4-hour chart – BTC ready to move higher?
On the 4-hour chart, we can see the Bitcoin price rallying higher over the last 24 hours after setting a higher low, indicating that further upside is expected next week.
The overall market has moved sideways over the past weeks. After a substantial retracement in May, support was finally found around the $31,000 mark. From there, BTC/USD started moving sideways around the $35,000 – $38,000 area serving as the middle of the trading range.
In the middle of June, BTC/USD started rallying again, and a higher high was set around $41,000. This indicated that bulls are building momentum to push the market higher. However, the further upside was not seen over the following weeks, and ETH/USD moved lower again.
The $31,000 support was broken with a quick spike lower to the $29,000 mark. From there, the Bitcoin price started rallying and set both a higher low and high, meaning another reversal for the overall price action structure.
This price action development has resulted in another retracement earlier this week to the $31,000 support. A base from which to move higher was established, and BTC/USD started pushing to set a new higher high around $38,000. Therefore, we expect BTC to move higher later today and set a much more serious recovery later this month.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for today as bulls have pushed the market higher over the last 24 hours after a significantly higher low was set earlier this week. Therefore, we expect BTC/USD to move higher early next week and reach the next resistance at $38,000.
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