- Bitcoin price analysis is bullish today.
- BTC/USD reversed from $34,000 support yesterday.
- Consolidation was seen overnight.
Bitcoin price analysis is bullish today as we expect more upside to be tested today after a low was found at $34,000. Therefore, we expect BTC/USD to move to test previous lows over the next week.
The market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the green with a gain of 0.79 and 1.37 percent. Meanwhile, the rest of the top altcoins follow.
Bitcoin price movement in the last 24 hours: Bitcoin retests $34,000, begins to retrace
BTC/USD traded in a range of $34,382.13 – $36,123.75, indicating substantial volatility over the last 24 hours. Trading volume has declined by 37.73 percent, totaling $31 billion. Meanwhile, the total market capitalization trades around $677.15 billion, resulting in a market dominance of 41.01 percent.
BTC/USD 4-hour chart: BTC looks to retrace?
On the 4-hour chart, we can see consolidation formed overnight as bullish momentum slowly returns, indicating upcoming retracement.
During the middle of January, the Bitcoin price action saw relatively calm, but bearish trading. After retracing to $40,000 on the 10th of January, a strong lower high was set around $44,000.
From there, bears took over again. Over the following days, BTC/USD retraced lower again. A quick spike higher was seen on the 20th of January to $43,500. However, substantial selling pressure was seen from there, taking BTC much lower over the next 24 hours.
Initially, BTC dropped to $38,000, with an additional drop on the 21st of January, taking the market to the current low at $34,000. In total, the Bitcoin price had lost over 20 percent in a couple of days.
Therefore, we expect bearish momentum to finally be exhausted. Likely we will see BTC/USD begin to retrace early next week, with the $36,000 mark being the first one to break on the way up.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we expect recovery to follow after rejection for further downside yesterday. Likely BTC/USD has bottomed out at $34,000 and is now ready to retrace this week’s loss.