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Bitcoin Price Analysis: BTC retests $41,000 for the fourth time, ready to reverse next week?

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another spike to $41,000.
  • BTC bulls start to gain momentum again.

Bitcoin price analysis is bullish today as the support at $41,000 saw another retest with a rejection for further downside. Therefore, we expect BTC/USD to reverse next week and look to finally set higher highs.

Bitcoin Price Analysis: BTC retests $41,000 for the fourth time, ready to reverse next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 2.31 percent, while Ethereum is up by 3.69 percent. Meanwhile, the rest of the top altcoins trade with mixed results, with Uniswap (UNI) being the top performer, with a gain of almost 23 percent.

Bitcoin price movement in the last 24 hours: Bitcoin bounces from $41,000 again

BTC/USD traded in a range of $40,848.46 – $43,657.30, indicating a substantial amount of volatility over the last 24 hours. Meanwhile, the total trading volume has declined by 8.81 percent and totals $32.8 billion, while the total market cap trades around $816 billion, resulting in market dominance of 42.6 percent.

BTC/USD 4-hour chart: BTC set to break higher? 

On the 4-hour chart, we can see the Bitcoin price action approaching the $44,000 mark, which, if broken, could lead to a lot more upside.

Bitcoin Price Analysis: BTC retests $41,000 for the fourth time, ready to reverse next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded in a bearish momentum so fat this month. After setting a new swing high at $53,000, a sharp reversal followed on the 7th of September, setting the trend for the rest of the month.

After some consolidation above $44,000 during the middle of the month, BTC/USD saw a slight advance to $48,500, where a lower major swing high was set. What followed was another sharp move lower on Monday, with support found at $41,000.

The $41,000 has since been retested three times, with the last retest strongly rejected earlier today, indicating bullish momentum forming. Overall, we expect the Bitcoin price to start pushing higher as bears are likely exhausted.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as another rejection from $41,000 support was seen today. Therefore, we expect that BTC/USD is ready for further upside, and a break above the previous local high could be seen early next week.

While waiting for Bitcoin to move further, read our guides on NFT Games, CoinJar, 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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