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Bitcoin Price Analysis: BTC moves back above $42,000, set to reach further upside over the weekend?

Bitcoin Price Analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • Bitcoin currently consolidated around $42,000.
  • Further upside is likely to follow over the next 24 hours.

Bitcoin price analysis is bullish for today as bulls rejected further downside yesterday and consolidation has been formed above $42,000. Therefore, we expect BTC/USD to continue higher over the next 24 hours and look to reach the $45,000 previous swing high next.

Bitcoin Price Analysis: BTC moves back above $42,000, set to reach further upside over the weekend? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 2.9 and 3.55 percent, respectively. Meanwhile, LUNA and XTZ are the best performers today, with a gain of more than 15 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rebounds to $42,000

BTC/USD traded in a range of $40,967.32 – $43,168.39, indicating mild volatility over the last 24 hours. Trading volume totals $35.8 billion, down by 7.74 percent from yesterday. Meanwhile, the total market capitalization trades around $800 billion, resulting in market dominance of 42.16 percent.

BTC/USD 4-hour chart: BTC targets the $45,000 previous high next?

On the 4-hour chart, we can see the Bitcoin price consolidating around $42,000 today as bulls prepare for further upside. 

Bitcoin Price Analysis: BTC moves back above $42,000, set to reach further upside over the weekend?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bearish momentum so far this month. After peaking below $53,000, a drop of more than 15 percent was seen on the 7th of September.

Support was eventually found around the $44,000 mark, with a move higher setting a lower swing high last week. From there, BTC/USD saw another drop of more than 15 percent on the 20th of September, with support found around the $40,000.

Earlier this week, bulls regained some of the loss and reached $45,000. However, another spike lower was seen yesterday, this time setting a higher low of around $41,000. Since then, bulls have taken over market momentum and slowly prepared for further upside.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as we saw rejection for further downside yesterday, and the market has since returned above $42,000. Therefore, we expect BTC/USD to see further upside over the next 24 hours and set a higher high above $45,000.

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.

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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