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Bitcoin price analysis: BTC moves higher overnight, ready to spike to $38,000 next?

Bitcoin Price analysis

TL;DR Breakdown

  • 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.

Bitcoin price analysis: BTC moves higher overnight, ready to spike to $38,000 next? 1
Cryptocurrency heat map. Source: Coin360

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.

Bitcoin price analysis: BTC moves higher overnight, ready to spike to $38,000 next?
BTC/USD 4-hour chart. Source: TradingView

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.

While waiting for Bitcoin to reach $38,000, read our latest guides on Bitcoin fees, DeFi advantages, as well as what you can buy with Bitcoin.

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.

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