Ethereum
$ 1,157.84 3.53%
Solana
$ 35.95 6.46%
Dogecoin
$ 0.067796 6.37%
ApeCoin
$ 5.10 1.94%
Bitcoin
$ 20,276.00 3.09%
BNB
$ 232.74 0.51%

Bitcoin price analysis: BTC ready to test $46,000?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD retraced to $43,000 yesterday.
  • Sideways momentum is seen since.

Bitcoin price analysis is bullish today as we expect another attempt to push higher to follow after a higher low was set yesterday. Likely BTC/USD will move to the next resistance at $46,000 next.

Bitcoin price analysis: BTC ready to test $46,000? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The market leader, Bitcoin, has gained 2.72 percent, while Ethereum has 5.41 percent. Ripple (XRP) is among the top gainers, with an almost 10 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin consolidated above $43,000

BTC/USD traded in a range of $42,807.84 – $44,371.85, indicating substantial volatility over the last 24 hours. Trading volume has declined by 21.16 percent, totaling 24.83 billion, while the total market cap trades around $836.4 billion, resulting in a market dominance of 41.34 percent.

BTC/USD 4-hour chart: BTC looks to test upside again

On the 4-hour chart, we can see the Bitcoin price testing upside after a clear higher low was set yesterday.

Bitcoin price analysis: BTC ready to test $46,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong advance over the past week. After previously failing to break the $38,500-$39,000 price area, BTC/USD saw a massive gain on the 4th of February.

Initially, resistance was found below $42,000, with a further push higher to $45,000 seen on the 7th of February. From there, BTC quickly reacted lower, retracing to $43,000 and setting a clear local higher low.

Since then, the Bitcoin price action has consolidated below $44,000 resistance, with no signs of further decline for now. Therefore, we expect BTC/USD to continue to make attempts to move even higher over the next 24 hours.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a strong higher low set yesterday, and consolidation has been formed since. Likely BTC/USD will push to the next resistance at $46,000 in case more upside follows.

While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.

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.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records