- Bitcoin price analysis is bullish for today.
- BTC/USD saw another spike lower overnight.
- Support was found at $41,200.
Bitcoin price analysis is bullish for today as a strong spike lower overnight was quickly rejected, pushing the market price back below $44,000 resistance. Therefore, we expect bullish momentum to return later this week, sending BTC/USD towards new highs.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, lost 3.42 percent, while Ethereum is down by 2.69 percent. Meanwhile, Avalanche (AVAX) is among the best performers from the majors, with a gain of 2.3 percent.
Bitcoin price movement in the last 24 hours: Bitcoin spikes to $40.200
BTC/USD traded in a range of $40,468.33 – $44,160.32, indicating massive volatility over the previous 24 hours. Trading volume has increased by 7.25 percent and totals $42.59 billion, while the total market cap trades around $802.33 billion, resulting in the market dominance of 42.38 percent.
BTC/USD 4-hour chart: BTC set to reverse?
On the 4-hour chart, we can see Bitcoin price rejecting further downside, indicating an upcoming reversal.
Bitcoin price action continues to trade in bearish market sentiment. After reaching the $53,000 mark on the 7th of September, a sharp drop of almost 20 percent followed.
From there, BTC/USD consolidated until the 13th of September, when a slight bullish momentum returned and took the market to $48,500. What followed was another drop of around 15 percent yesterday, with support found around the $41,000 price mark.
Since further downside was rejected and the Bitcoin price quickly moved higher, we expect a new swing low to be set. Overall, this price action development should lead towards more upside later this week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as a further downside was heavily rejected overnight after a brief spike below the $41,000 price mark. Therefore, we expect BTC/USD to reverse later this week and look to regain some of the loss.
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