Bitcoin News

Bitcoin Price Analysis: BTC returns to $44,000 resistance, more upside to follow?

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD saw strong bullish momentum overnight.
    BTC has returned to $44,000 previous support.

Bitcoin price analysis is bullish for today as bulls have pushed the market higher over the last 24 hours, with the $44,000 previous major support currently tested as a resistance. Therefore, we expect BTC/USD to continue higher later today and regain even more of the loss.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 4.34 percent. Ethereum follows with 7.09 percent, while the rest of the top altcoins perform even better.

Bitcoin price movement in the last 24 hours: Bitcoin rallies back to $44,000 previous major support

BTC/USD traded in a range of $42,326.97 – $44,316.50, indicating mild volatility over the last 24 hours. The total trading volume has decreased by 10.37 percent and totals $38.4 billion, while the total market cap trades around $830.9 billion, resulting in market dominance of 41.9 percent.

BTC/USD 4-hour chart: BTC looks to move past $44,000 resistance?

On the 4-hour chart, we can see the Bitcoin price testing the $44,000 resistance as bulls look to push the market higher today.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded with a strong bearish momentum over the past weeks. After peaking at $53,000 on the 7th of September, an initial drop of more than 15 percent followed.

Support was found and retested several times at the $44,000 mark, with a slight rally higher last week setting a new major swing lower high at $48,500. What followed was an equally strong drop again on Monday.

The Bitcoin price action saw an initial reaction just below $41,000, with another retest early yesterday. From there, bulls have returned and pushed the Bitcoin price to the $44,000 previous significant support.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish for today as strong upwards momentum was seen over the last 24 hours. Therefore, we expect BTC/USD to break above the $44,000 current closest resistance and move higher next.

While waiting for Bitcoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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.

This post was last modified on September 23, 2021 3:51 pm

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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