- Bitcoin price analysis is bullish today.
- Bitcoin rallied overnight.
- BTC/USD is set to break the $48,000 resistance.
Bitcoin price analysis is bullish for today as the market price approached the $48,000 resistance over the past hours after retesting $44,000 support yesterday. Therefore, we expect BTC/USD to finally break above the $48,000 resistance and move towards the $50,000 next major target.
The cryptocurrency market traded with strong bullish momentum as the market leader, Bitcoin, rallied by 5.48 percent. Meanwhile, Ethereum is up by 7.21 percent, and Cardano is the best performer, with a gain of 22 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallies from the $44,000 support
BTC/USD traded in a range of $45,442.83 – $47,794.21, indicating substantial volatility over the last 24 hours. Trading volume has increased by 9.67 percent and totals $35 billion, while the total market capitalization trades around $897 billion, resulting in the market dominance of 43.46 percent.
BTC/USD 4-hour chart: BTC set to break $48,000 resistance?
On the 4-hour chart, we can see the Bitcoin price action approaching the $48,000 previous swing high as bulls attempt to finally break higher.
Bitcoin price action has traded with a strong bullish momentum over the past month. After establishing a major swing low above $29,500 on the 20th of July, BTC/USD quickly rallied to the $42,000 mark.
Since Bitcoin broke past the previous high, the overall market momentum turned bullish once again. What followed was a retracement to the $38,000 support at the beginning of August. From there, bulls pushed the market higher once again, this time to the $48,000 mark.
However, further upside could not be reached, and a several-day consolidation followed, with the $44,000 support tested twice. Bitcoin did not see any further downside and started another push higher yesterday from the support.
This Bitcoin price action development has resulted in another test of the $48,000 significant resistance. Considering the current bullish momentum, we can expect a breakout to be seen later today, with the $50,000 mark as the next target.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the next 24 hours as bulls took over the market momentum yesterday after a retest of the $44,000 support. Since then, BTC/USD has approached the $48,000 resistance and currently attempts to break the $48,000 previous swing high.
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