Ethereum
$ 1,242.91 0.93%
Solana
$ 42.07 0.54%
Dogecoin
$ 0.068230 1.32%
ApeCoin
$ 4.48 1.16%
Bitcoin
$ 21,444.00 0.53%
BNB
$ 239.19 0.82%

Bitcoin price analysis: BTC continues sideways below $39,500, ready to start bullish next week?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD continued to consolidate yesterday.
  • Another rejection for downside seen over the last hours.

Bitcoin price analysis is bullish today as we expect the current consolidation to have formed a strong support base from which to rally. Therefore, we expect BTC/USD to break the $39,500 resistance soon and reach new highs next week.

Bitcoin price analysis: BTC continues sideways below $39,500, ready to start bullish next week? 1
Cryptocurrency heat map. Source: Coin360

The market has seen slight bearish momentum over the last 24 hours. The leader, Bitcoin, lost 0.49 percent, while Ethereum 0.7 percent. The rest of the top altcoins follow close by.

Bitcoin price movement in the last 24 hours: Bitcoin still consolidates below $39,500

BTC/USD traded in a range of $38,494.57 – $39,308.60, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.2 percent, totaling $14.75 billion, while the total market cap trades around $739.4 billion, resulting in a dominance of 42.54 percent.

BTC/USD 4-hour chart: BTC ready to break higher?

On the 4-hour chart, we can see the Bitcoin price action rejecting downside again over the past hours, likely meaning that next week will start bullish.

Bitcoin price analysis: BTC continues sideways below $39,500, ready to start bullish next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong sign of recovery over the first half od this week. From the $37,200 previous low, BTC/USD rallied over 14 percent until a new high was set at $42,600 on the 9th of March.

Strong retracement followed immediately, taking BTC to a new higher low of around $39,000. The market has since consolidated around this price area, forming a strong base from which to rally next week.

Overall, the Bitcoin price structure seems to be good for another strong push higher next week. Likely once the $39,500 local resistance gets broken, we will see alot more upside rather quickly.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as the market has continued to consolidate and reject the downside. Therefore, the $39,500 resistance should break soon, leading BTC/USD towards new highs tested next week.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users