- Bitcoin price analysis is bullish today.
- BTC/USD regained its losses from yesterday.
- Further rally to $41,500 rejected.
Bitcoin price analysis is bullish today as we expect to test more upside and set a slightly higher local high after a strong recovery. BTC/USD will likely move to the $42,000 resistance as the momentum is still strong.
The market has gained ground over the last 24 hours. The leader, Bitcoin, gained 3.34 percent, while Ethereum gained 4.92 percent. Meanwhile, the rest of the top altcoins followed closely.
Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $40,600, tests further upside
BTC/USD traded in the $40,244.00 to $41,672.96 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.36 percent, totaling $29.145 billion, while the total market cap trades around $785.6 billion, accounting for market dominance of 41.02 percent.
BTC/USD 4-hour chart: BTC looks to continue higher?
On the 4-hour chart, we saw an initial rejection at the $41,500 previous local high, potentially indicating that we may be ready for a slight downside over the next hours.
Bitcoin price action has seen another dip at the beginning of the week. It saw a new low at $38,500 before a strong reaction followed later in the day.
Previous resistance at $40,600 was broken during the second half of the day, with consolidation following later. Overnight, any further upside was rejected, leading to more consolidation above $40,600.
However, more downside did not follow. The Bitcoin price action started another rally, this time above the $41,500 resistance.
Therefore, if the current momentum persists, we should see further upside over the next 24 hours. Alternatively, BTC/USD will likely reverse and continue the several-week decline.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong push higher back above the previous local high. Therefore, BTC/USD should soon see further upside tested if the momentum keeps up.