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Bitcoin price analysis: BTC briefly spikes above $39,500, not yet ready to rally?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD spiked above $39,500 late yesterday.
  • It made another retest of the $38,000 support this morning.

Bitcoin price analysis is bullish today as we still expect further upward movement following slightly higher highs set above the $39,500 resistance. BTC/USD later set a slightly higher low, indicating a future bullish momentum.

Bitcoin price analysis: BTC briefly spikes above $39,500, not yet ready to rally? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has moved slightly in the green over the last 24 hours. The leader, Bitcoin, gained 0.97 percent, while Ethereum recorded a more substantial 1.45 percent. The rest of the market followed in the same direction.

Bitcoin price movement in the last 24 hours: Bitcoin sets slightly higher high, prepares for a further attempt to break higher

BTC/USD traded in a range of $38,310.21 – $39,742.50, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.54 percent, totaling $23.4 billion, while the total market cap trades around $743.44 billion, resulting in a dominance of 42.64 percent.

BTC/USD 4-hour chart: BTC moving higher once more

On the 4-hour chart, we can see the Bitcoin price action looking to test upside again after setting a slightly higher low this morning.

Bitcoin price analysis: BTC briefly spikes above $39,500, not yet ready to rally?
BTC/USD 4-hour chart. Source: TradingView

The Bitcoin price action has moved sideways for most of the past week. After initially finding support around $38,400 late last week, BTC/USD has failed to recover further.

At the end of the weekend, a brief spike below $38,000 sent signals of the market looking to break even lower. However, more downside did not follow as bulls quickly pushed BTC back to the previous consolidation area.

Hence, the market remained indecisive. The quick spike higher could be another fake-out, leading to further consolidation despite the following retracement setting slightly higher low.

Overall, the market structure is slightly bullish as of now. A clear break above the $39,500 resistance would send a strong signal for further upside to come. Until then, it is best to stay on the sidelines.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen more upside briefly tested late yesterday. This was immediately followed by a slightly higher low, indicating a slightly bullish market structure over the last 24 hours.

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.

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