Ethereum
$ 1,177.97 3.46%
Solana
$ 37.54 6.19%
Dogecoin
$ 0.069742 7.56%
ApeCoin
$ 4.90 0.07%
Bitcoin
$ 20,669.00 2.23%
BNB
$ 232.75 1.52%

Bitcoin price analysis: BTC continues to consolidate, prepares to break above $40,000?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another failure to break higher.
  • Support at $39,200 is still strong.

Bitcoin price analysis is bullish today as we have seen further consolidation over the last 24 hours with rejection for the downside. Therefore, BTC/USD has likely established a strong enough base to rally higher over the next week.

Bitcoin price analysis: BTC continues to consolidate, prepares to break above $40,000? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours with low volatility. The market leader, Bitcoin, lost 0.32 percent, while Ethereum 0.74 percent. The rest of the top altcoins followed close by.

Bitcoin price movement in the last 24 hours: Bitcoin moves sideways

BTC/USD traded in a range of $39,422.26 to $39,935.86, indicating low volatility over the last 24 hours. Trading volume has declined by 32.46 percent, totaling $15.7 billion, while the total market cap trades at $750.74 billion, resulting in a dominance of 40.97 percent.

BTC/USD 4-hour chart: BTC ready to break above $40,000?

On the 4-hour chart, we can see the Bitcoin price action rejecting the downside again over the last hours, likely leading to a break higher early next week.

Bitcoin price analysis: BTC continues to consolidate, prepares to break above $40,000?
BTC/USD 4-hour chart. Source: TradingView

The Bitcoin price action has seen a higher high set this week after an 11 percent rally to the $43,000 mark. From there, strong rejection for further upside was seen on 21 April 2022, followed by retracement over the next days.

BTC/USD quickly lost 8.5 percent to the $39,200 support, where the market has formed consolidation since. Considering the strong support right now, we expect that another higher low has been set, and more upside will follow soon.

Likely, once the Bitcoin price action moves back above $40,000, a lot more upside will follow. The next target of local resistance is relatively close by – at $46,000 and, if broken, would further indicate another strong rally incoming over the next week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen further consolidation, forming a strong base. Therefore, BTC/USD should soon begin to rally and break above the $40,000 mark.

While waiting for Bitcoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

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

Bitcoin, Ethereum, Shiba Inu, and Avalanche Daily Price Analyses – 27 June Roundup
Chainlink price analysis: LINK value drops to $6.5 after a bearish slide
Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b