Bitcoin Price Analysis: BTC continues higher, looks to break $50,000?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD continued to slowly head higher overnight.
  • Resistance at $50,000 is currently tested.

Bitcoin price analysis is bullish today as we expect the market to break the $50,000 mark after a steady upside momentum over the last 24 hours. However, BTC/USD will likely not see a lot more upside as the overall market is bearish right now.

Bitcoin Price Analysis: BTC continues higher, looks to break $50,000? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen slight bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 2.8 percent, while Ethereum 0.52 percent. Meanwhile, Polkadot (DOT) and Crypto.com Coin (CRO) are among the top performers with over a 5 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin slowly heads higher

BTC/USD traded in a range of $48,227.53 – $49,735.88, indicating a moderate amount of volatility over the last 24 hours.  Trading volume has declined by 28.9 percent, totaling $21.,78 billion. Meanwhile, the total market cap trades around $942.4 billion, resulting in a market dominance of 41.3 percent.

BTC/USD 4-hour chart: BTC ready to break above $50,000?

On the 4-hour chart, we can see the $50,000 mark currently tested, likely leading the Bitcoin price towards some more upside later today.

Bitcoin Price Analysis: BTC continues higher, looks to break $50,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen bearish momentum return over the last days. After a strong beginning of the week, BTC/USD recovered to $52,000 by the 7th of December.

However, further upside was not seen as selling pressure returned. Over the following days, BTC retraced to $47,000 support, starting to consolidate above it in an indecision.

Slight bullish momentum re-appeared yesterday, taking the Bitcoin price towards the $50,000 mark. Currently, the resistance gets tested and in the case it is broken, we can expect some further upside over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we saw a slow rally from the $47,000 support found yesterday. Likely BTC/USD will continue higher over the next hours as soon as the $50,000 resistance gets broken.

While waiting for Bitcoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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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