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Bitcoin Price Analysis: BTC retraces from $40,000 resistance, prepares for another move up?

Bitcoin Price analysis

TL;DR Breakdown

  • BTC continued to consolidate yesterday.
  • Retracement to $38,500 seen today.
  • Market ready to make another push higher.

Bitcoin price analysis indicates bullish momentum to follow over the next 24 hours as the market retraced to $38,500 and set another slightly high low. Therefore, we expect BTC/USD to attempt another push higher later today and try to set further thighs above the $40,000 resistance.

Bitcoin Price Analysis: BTC retraces from $40,000 resistance, prepares for another move up? 1
Cryptocurrency heat map. Source: Coin360

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results, with Bitcoin declining by 2.36 percent while Ethereum gaining 2 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 10 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retraces after a consolidation

BTC/USD traded in a range of $38,397.35 – $40,366.95, indicating mild volatility over the last 24 hours. Trading volume has decreased by 19.15 percent, while the total market capitalization stands at around $729.3 billion.

BTC/USD 4-hour chart: ready for another rally?

On the 4-hour chart, we can see the Bitcoin price retracing today as bulls prepare for another spike higher.

Bitcoin Price Analysis: BTC retraces from $40,000 resistance, prepares for another move up?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a substantial rally over the past days after the previous swing high low of around $29,000 was retested. From the $29,000 mark, BTC/USD started to rally and eventually reached past the several-week descending resistance trendline.

After the breakout, Bitcoin saw a further rally and a clean break past the next resistance around $35,000, indicating that bulls have reversed the previously seen bearish price action. Over the next few days, BTC/USD tested the $40,000 mark for the first time, with a strong rejection initially.

However, after a slight retracement, another push higher was made, this time to the $41,000 mark. Around the $41,000 mark, Bitcoin price consolidated overnight until a slight retracement was seen over the past hours. BTC/USD currently has set another slightly higher low, which should lead to another attempt to move higher over the next hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as another slightly higher low was established over the last hours, and further downside got rejected. Therefore, we expect BTC/USD to rally higher and attempt another move past the $40,000 resistance. 

While waiting for Bitcoin to move higher, read our guides on Bitcoin fees, DeFi advantages, as well as what can you do 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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