- Bitcoin price analysis is bullish today.
- BTC/USD breaks the $50,000 major resistance.
- Bitcoin to reach $51,500 next.
Bitcoin price analysis indicates bullish momentum to follow today as bulls have finally pushed above the $50,000 mark after a slight retracement overnight. Therefore, we expect BTC/USD to continue advancing today and reach the $51,500 resistance next.
The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 2.7 percent and has finally breached the $50,000 mark, while Ethereum is up by 3.21 percent. Binance Coin (BNB) is among the best performers today, with a gain of over 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks above $50,000
BTC/USD traded in a range of $48,199.94 – $50,482.08, indicating mild volatility over the last 24 hours. Trading volume has increased by 7.81 percent and totals $31.36 billion, while the total market capitalization trades around $944.6 billion.
BTC/USD 4-hour chart: BTC targets the $51,500 mark next?
On the 4-hour chart, we can see the Bitcoin price action moving past the $50,000 significant resistance, which should lead towards further upside later today.
Bitcoin price action has seen a strong advance over the past month. After a new swing low was set above the $29,500 support, BTC/USD rallied more than 40 percent to the $42,000 resistance.
From there, BTC retraced to $38,000 and rallied another 30 percent to the $48,000 mark. Below the $48,000 resistance, the Bitcoin price consolidated for several weeks, with support found above $44,000.
On Thursday, BTC/USD finally started to rally higher and broke past the $48,000 swing high. After some consolidation over the weekend, the Bitcoin price started to rally once again overnight.
This price action development has resulted in the $50,000 resistance broken over the past hours. Therefore, we expect BTC to continue higher later today and target the $51,500 mark next.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as the market rallied from the $48,000 support overnight and finally broke past the $50,000 major resistance. Therefore, we expect BTC/USD to continue moving higher later today and continue its way towards the previous all-time high.
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