- Bitcoin price analysis is bullish for today.
- BTC/USD made another spike below $41,000 overnight.
- Further downside still rejected.
Bitcoin price analysis is bullish for today as another spike below the $41,000 mark resulted in a strong rejection for further downside. Therefore, we expect BTC/USD to move high later today and return above the $44,000 mark next.
The overall cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.96 percent, while Ethereum has lost 4.76 percent. Meanwhile, Solana (SOL) continues to be among the worst performers, with a loss of 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin spike below $41,000 gain
BTC/USD traded in a range of $39,787.61 – $43,303.40, indicating large volatility over the last 24 hours. Meanwhile, the total market capitalization trades around $790.7 billion, resulting in the market dominance of 42.75, with a total trading volume of $43.57 billion.
BTC/USD 4-hour chart: BTC looks to return above $44,000 next?
On the 4-hour chart, we can see Bitcoin price action starting to turn bullish again after further downside was rejected.
Bitcoin price action has traded in a bearish momentum so far this month. After a strong spike lower on the 7th of September, support was found around the $44,000 mark. Above thew support, BTC/USD consolidated for several days before a slight upwards momentum set a new lower high at $48,500.
What followed was another strong push lower on Monday, with BTC spiking below the $41,000 support for a brief time. After some rejection at first, another spike lower was seen overnight, with the same reaction this time.
Overall, this Bitcoin price action development indicates that bears are exhausted. Therefore, we expect BTC/USD to reverse and start moving back towards the $44,000 previous support, which should lead to more upside later this month.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for today as the market rejected further downside below $41,000 once again overnight and has since moved higher. Therefore, we expect bulls to take over the market momentum and BTC/USD to return back above the $44,000 resistance.
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