- Bitcoin price analysis is bullish for today.
- BTC/USD rallied over the past 24 hours.
- Bitcoin set another higher low at $46,500.
Bitcoin price analysis is bullish today as the market has set a new higher low around $46,500 and has since started to rally back to the $50,000 major resistance. Therefore, we expect BTC/USD to break above the $50,000 mark later this weekend and look to reach the next target at $53,000 early next week.
The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin leading the way up by 1.85 percent. Ethereum follows with an increase of 0.67 percent, while Solana is the best performer, with a gain of almost 13 percent.
Bitcoin price movement in the last 24 hours: Bitcoin advances towards $50,000
BTC/USD traded in a range of $48,173.60 – $49,283.51, indicating low volatility over the last 24 hours. Trading volume totals $29.3 billion, down by 9.96 percent from yesterday. Meanwhile, the total market capitalization trades around $922.7 billion, resulting in market dominance of 43.83 percent.
BTC/USD 4-hour chart: BTC set to break $50,000 next?
On the 4-hour chart, Bitcoin price is rapidly approaching the $50,000 mark as bulls have finally gathered momentum for further upside.
Bitcoin price action has traded with a strong bullish momentum over the past month. From the $29,500 major swing low, BTC/USD has gained more than 70 percent to the $50,400 current swing high.
However, bulls failed to push Bitcoin higher on Monday, resulting in a several-day retracement this week. Support was eventually found above $46,500 on Thursday, with a consolidation formed over the following 24 hours.
Yesterday, the Bitcoin price started to advance again, indicating that a new higher low was set. Since then, BTC/USD has approached the $49,000 mark, with the $50,000 targeted next.
Overall, this price action development should lead towards further upside today, with the $53,000 mark as the next major to the upside once the $50,000 major resistance breaks.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as the market has started to rally over the last 24 hours after establishing a higher low of around $46,500 earlier this week. Therefore, we expect BTC/USD to advance further and look to break the $50,000 major resistance over the weekend.
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