logo

Bitcoin price analysis: BTC looks to break higher, targets $44,000 next?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD continued to consolidate above $42,000 overnight.
  • Bullish momentum returned over the past hours.

Bitcoin price analysis is bullish today as we see further attempts to move higher after more than 24 hours of consolidation above $42,000. Therefore, we expect BTC/USD to break higher and look to move to the $44,000 resistance next.

Bitcoin price analysis: BTC looks to break higher, targets $44,000 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market has seen slightly bullish momentum over the last 24 hours. The leader, Bitcoin, has gained 1.12 percent, while Ethereum 2.45 percent. The rest of the top altcoins follow with similar results with few exceptions.

Bitcoin price movement in the last 24 hours: Bitcoin continued to move sideways

BTC/USD traded in a range of $41,681.96 – $42,715.52, indicating low volatility over the last 24 hours. Trading volume totals $18.9 billion, up by 25 percent, while the total market cap trades at $808.4 billion, resulting in a dominance of 42.5 percent.

BTC/USD 4-hour chart: BTC prepares to move higher?

On the 4-hour chart, we can see the Bitcoin price currently pushing towards $43,000 as more downside could not be reached over the last 24 hours.

Bitcoin price analysis: BTC looks to break higher, targets $44,000 next?
BTC/USD 4-hour chart. Source: TradingView

The Bitcoin price action has seen reversal late last week. After several days of strong advance, a new major swing high was set below $46,000 on the 10th of February.

From there, BTC/USD initially retraced to $43,000 previous low, with a further spike lower seen on the 11th of February. This time, support was found at $42,000, while the $42,500 mark now offered resistance.

Over the weekend, the Bitcoin price action traded sideways above the previously mentioned support and resistance. A strong base from which to reverse has been established, likely leading BTC/USD to recover some of the loss.

However, the overall sentiment is bearish for the rest of the week as we expect a lot deeper retracement. Likely we will see BTC/USD set lower high below $44,000 and continue lower later in the week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen rejection for downside and consolidation above $42,000 continue over the last 24 hours. Therefore, we expect BTC/USD to move higher and look to set a clear lower high below $44,000 next major resistance.

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.

[the_ad_placement id=”writers”]

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

Web3 goes to school in India: Algorand announces game-changing partnerships
TRON DAO Establishes Artificial Intelligence Development Fund
NYU takes the leap into the future of education with Web3 and NEAR
ChainLink price analysis: LINK obtains bullish momentum at $7.2
Dubai bans privacy tokens: what you need to know

Follow Us

Industry News

Web3 goes to school in India: Algorand announces game-changing partnerships
NYU takes the leap into the future of education with Web3 and NEAR
Nokia advances remote work via metaverse tech
Uniswap DAO Votes to Deploy V3 on Binance Smart Chain (BSC)
Kazakhstan president signs law to cap power consumption of crypto-mining

Add Your Heading Text Here