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Bitcoin Price Analysis: BTC moves back above $50,000, ready for new highs?

Bitcoin Price Analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD continued to consolidate around $50,000 yesterday.
  • BTC is ready to break higher.

Bitcoin price analysis is bullish today as the market has returned above the $50,000 mark after consolidation over the last 24 hours. Therefore, we expect BTC/USD to continue higher later today and to reach the next target at $53,000.

Bitcoin Price Analysis: BTC moves back above $50,000, ready for new highs? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 0.85 percent and has returned above $50,000, while Ethereum is up by 0.69. Meanwhile, Filecoin (FIL) is among the best performers, with a gain of 22 percent.

Bitcoin price movement in the last 24 hours: Bitcoin consolidated around $50,000

BTC/USD traded in a range of $49,538.60 – $50,459.79, indicating low volatility over the last 24 hours. Trading volume has decreased by 19.37 percent and totals $30.86 billion, while the total market cap trades around $949.2 billion, resulting in market dominance of 41.26 percent.

BTC/USD 4-hour chart: BTC set to rally today?

On the 4-hour chart, Bitcoin price action has returned above $50,000 as bulls make another attempt at breaking higher.

Bitcoin Price Analysis: BTC moves back above $50,000, ready for new highs?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bullish momentum over the past weeks. After setting a new major swing low at $29,500, Bitcoin started to rally and has so far reached a gain of over 70 percent to the $50,000 major resistance.

However, the bullish momentum has slowed down over the past weeks as the market consolidated around $46,500-$50,000 over the past week. After a second retest of the $46,500 support, Bitcoin did rally again on Wednesday, with the $50,000 mark tested again.

This Bitcoin price action development resulted in a several-day consolidation around the $50,000 mark. Since further downside could not be set, we assume Bitcoin will finally break the $50,000 resistance and move towards the $53,000 early next week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as the market has returned above $50,000 after consolidation over the last 24 hours. Therefore, we expect BTC/USD to attempt to break higher, with the next target at $53,000.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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