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Bitcoin Price Analysis: BTC tests previous high at $48,500, ready to break higher?

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD set higher low overnight.
  • BTC currently tests previous high.

Bitcoin price analysis is bullish today as bulls have pushed higher today after establishing a higher low overnight. Currently, the previous high resistance prevents further upside, however, we expect it to break and open up the way for BTC/USD to the next resistance at $50,000.

Bitcoin Price Analysis: BTC tests previous high at $48,500, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 2.02 percent, while Ethereum has gained 0.85 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of almost 14 percent.

Bitcoin price movement in the last 24 hours: Bitcoin sets higher low, begins to rally again

BTC/USD traded in a range of $46,832.52 – $48,791.78, indicating mild volatility over the last 24 hours. Trading volume has decreased by 4.52 percent and totals $28.3 billion, while the total market cap trades around $910 billion, resulting in the market dominance of 42.09 percent.

BTC/USD 4-hour chart: BTC tests previous high

On the 4-hour chart, we can see some resistance around the previous swing high of $48,500, which could result in another slight retracement today.

Bitcoin Price Analysis: BTC tests previous high at $48,500, ready to break higher?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has turned increasingly more bullish over the past week. After a sharp decline on the 7th of September, support was established at around $44,000.

Over the following week, the support was retested twice, with a strong rally seen on Tuesday. Bitcoin reached the $48,500 mark the next day and started a slow retracement from there.

Yesterday, BTC/USD found support at $47,000. Since further downside was rejected, the Bitcoin price action started heading higher overnight, resulting in the current test of the previous high.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for today as a new higher low was set overnight around $47,000. Since then, BTC/USD has moved higher and currently looks to break the $48,500 previous swing high. 

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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