- Bitcoin price analysis is bullish today.
- BTC/USD continued to consolidate overnight.
- Quick spike higher seen over the last hours.
Bitcoin price analysis is bullish today as we expect further upside to follow after a quick spike above $41,000. Likely BTC/USD will move even further and look to retest the $42,000 previous support as resistance.
Bulls have regained control over the market during the last 24 hours. The leader, Bitcoin, gained 2.49 percent, while Ethereum gained 1.8 percent. The rest of the top altcoins follow closely.
Bitcoin price movement in the last 24 hours: Bitcoin forms consolidation around $40,000, breaks higher
BTC/USD traded in a range of $39,389.66 – $41,314.31, indicating strong volatility over the last 24 hours. Trading volume has declined by 22.87 percent, totaling $30.1 billion, while the total market cap trades at $783 billion, resulting in a dominance of 41.1 percent.
BTC/USD 4-hour chart: BTC targets $42,000 next?
On the 4-hour chart, we can see the Bitcoin price action rapidly moving higher as bulls have quickly regained control over the last hours.
Bitcoin price action has lost around 18.5 percent since the last swing high at $48,000, which was reached at the end of April. Therefore, the market regained most of the gain that was seen during the second half of March.
On Monday, BTC/USD reached a new low at $39,200 after another strong selloff, further indicating the dominance of sellers. Consolidation followed yesterday and overnight to today, indicating short-term exhaustion.
The lack of further selling pressure quickly led BTC/USD to spike higher over the second half of Today. The $41,000 mark has already been breached, with further upside likely to follow soon.
Overall, the current price action development indicates that we will likely see more upside by the end of the day. The next obvious target for the upside is located at $42,000.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen strong signs of recovery after consolidation overnight. Therefore, we expect BTC/USD to retest the $42,000 mark as resistance and likely set a lower high again over the next days.