- Bitcoin price analysis is bullish today.
- BTC/USD continued to respect support around $54,000 yesterday.
- Bulls are currently looking to retest $59,000 resistance.
Bitcoin price analysis is bullish today as we expect more upside over the next 24 hours after further upside followed over the past hours. Therefore, we expect BTC/USD to test the $59,000 mark later today.
The cryptocurrency market overall saw bullish momentum return over the last 24 hours. Bitcoin gained 8.6 percent, while Ethereum 10.23 percent. Meanwhile, Dogecoin is the top performer today, with over 15 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin spiked to $58,000 overnight, currently looks to test further upside
BTC/USD traded in a range of $53,576.74 – $57,793.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 34.88 percent, totaling $32.38 billion, while the total market cap trades around $1.1 trillion, resulting in a market dominance of 42 percent.
BTC/USD 4-hour chart: BTC looks to test $59,000 again
On the 4-hour chart, we can see bullish momentum pushing the Bitcoin price action higher again, likely leading to the $59,000 mark tested over the next hours.
Bitcoin has continued to decline over the past weeks. After peaking at $59,000 on the 10th of November, selling pressure swiftly returned.
Further downside followed, leading BTC/USD to a consolidation formed above $56,000 until the second half of last week. After another lower high was set on the 26th of November, the support was clearly broken, leading to a further lower low set below $54,000.
Over the weekend, the Bitcoin price action consolidated around the newly found support, indicating that we should see retracement this week. Overnight, a strong spike followed, reaching the $58,000 mark. After some initial rejection for further upside, bulls resumed pushing BTC/USD higher over the last hours, potentially meaning that we could see a new higher high finally set.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we saw a strong advance over the last 24 hours. After some pause today, BTC/USD has started to push higher again, potentially leading towards the $59,000 mark being broken.