- Bitcoin price analysis is bullish for today.
- BTC/USD saw a strong rally above $50,000 overnight.
- Bitcoin is likely to reach $53,000 today.
Bitcoin price analysis is bullish for today as the market has built up momentum over the last hours after a strong advance overnight to the $52,000 mark. Therefore, we expect BTC/USD to continue higher and reach the $53,000 mark next.
The cryptocurrency market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 2.8 percent, while Ethereum has gained 0.58 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallies away from $50,000 support
BTC/USD traded in a range of $50,132.05 – $52,119.79, indicating strong volatility over the last 24 hours. Trading volume has increased by 19.74 percent and totals $36.86 billion. Meanwhile, the total market cap trades around $971 billion, resulting in market dominance of 41.39 percent.
BTC/USD 4-hour chart: BTC targets $53,000 next?
On the 4-hour chart, Bitcoin price action can be seen to prepare for the next move higher with a slight retracement over the last hours.
Bitcoin price has rallied by more than 75 percent over the last weeks after a new major swing low was set at $29,500 on the 20th of July. From there, BTC/USD set series of higher highs until strong resistance was found at $50,000 over the second half of August.
After retracing to $46,500 and retesting it several days later, Bitcoin had established another higher low. BTC/USD rallied again at the end of August, forming a consolidation around the $50,000 resistance.
This Bitcoin price action development resulted in slow trading yesterday until the market started to advance close to midnight. What followed was a spike to $52,000 overnight, with some retracement over the past hours. Overall, this should lead Bitcoin towards further upside later today.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the next 24 hours as the market finally broke past the $50,000 mark in a clear way and has reached the $52,000 mark. Since the bullish momentum for BTC/USD is still strong, we expect further upside to the $53,000 resistance next.
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