- 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.
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 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.
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