- BTC retraced overnight.
- Higher low currently established around $39,500.
- Market ready to reach further highs.
Bitcoin price analysis is bullish for today as a new higher low is currently set after a retracement overnight. Therefore, we expect BTC/USD to rally over the next 24 hours and try to set further high above the $42,500 mark.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 5.81 percent, while Ethereum has lost 0.86 percent. The rest of the top altcoins follow with a 2-3 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin retraces to $39,500
BTC/USD traded in a range of $39,153.55 – $41,619.75, indicating mild volatility over the last 24 hours. Trading volume has increased by 22.57 percent and totals $28.77 billion. Meanwhile, the total market capitalization trades around $737.89 billion, resulting in market dominance of 46.32 percent.
BTC/USD 4-hour chart: BTC prepares for another rally
On the 4-hour chart, we can see the Bitcoin price establishing a higher low in preparation for another attempt to push higher later this week.
Bitcoin price action has gained more than 40 percent since the last swing low was set around $29,500 on the 20th of July. From there, the previous several-week high of around $41,000 was reached on the 28th of July.
Over the weekend, BTC/USD rallied further and broke a new higher high, with resistance found around $42,500. After a retest of the high yesterday, Bitcoin price reversed and started pushing lower.
Overnight, the $39,500 support level was reached and a slightly higher low was established, with bulls rejecting further upside. Therefore, we can expect another rally to come over the next 24 hours with another higher high to be set above the $42,500 resistance.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the next 24 hours as another higher low is currently established around $39,500 support. Therefore, we expect BTC/USD to rally higher and try to breach the $42,500 current swing high later this week.
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