- Bitcoin price analysis is bullish today.
- BTC/USD saw another rejection at $41,000 support.
- Bitcoin is likely to move back to $44,000 resistance next.
Bitcoin price analysis is bullish today as another test of the $41,000 support resulted in a rejection for further downside. Therefore, we expect BTC/USD to rally over the next 24 hours and look to test the $44,000 resistance.
The overall market traded in the green over the past 24 hours. Bitcoin managed to increase by 1.29 percent, while Ethereum gained 1.37 percent. Binance Coin (BNB) was the leader, with a gain of almost 11 percent.
Bitcoin price movement in the last 24 hours: Bitcoin saw another rejection from $41,000 support
BTC/USD traded in a range of $40,829.67 – $42,496.73, indicating mild volatility over the last 24 hours. Trading volume has declined by 2.11 percent and totals $20.38 billion, while the total market cap trades around $800 billion, resulting in the market dominance of 42.4 percent.
BTC/USD 4-hour chart: BTC looks to move higher today
On the 4-hour chart, we can see bulls picking up the momentum for Bitcoin price action after failing to break the $41,000 support again.
Bitcoin price action has traded in an increasingly tighter range over the past weeks. New support was set after a strong spike lower on the 20th of September and took BTC/USD below $41,000.
What followed was a rebound to $45,000 during the middle of last week, with another spike lower last Friday to the $41,000 support. Bitcoin consolidated in an increasingly tighter range from there, setting another lower high at $44,000 this Monday.
Since then, the Bitcoin price has seen a steady decline again, with the $41,000 support reached again. However, rejection for further downside was seen this morning, with BTC/USD moving to $42,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as bears could not push BTC below the $41,000 support again, resulting in a reversal this morning. Therefore, we expect BTC/USD to see further upside and return towards the $44,000 resistance.
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