Bitcoin price analysis is bullish today as we expect a higher local low to be set and another push higher to follow. Likely BTC/USD will return above $39,200 and look to set a higher low early next week.
The market has seen decline continue over the last 24 hours. The leader, Bitcoin, lost 0.93 percent, while Ethereum lost 1.1 percent. The rest of the top altcoins declined even further.
Bitcoin price movement in the last 24 hours: Bitcoin finds support above $38,000 again
BTC/USD traded in a range of $38,235.54 to $39,019.71, indicating mild volatility over the last 24 hours. Trading volume has declined by 25.94 percent, totaling $23.13 billion, while the total market cap trades around $733.9 billion, resulting in a dominance of 42 percent.
BTC/USD 4-hour chart: BTC ready to return above $39,000?
On the 4-hour chart, we can see the Bitcoin price action looking to reverse as further downside gets rejected again.
Bitcoin has continued to test further downside this week. From the last major swing low at $48,000, set on 28 March 2022, BTC/USD declined over 20 percent to the $38,000 mark.
Therefore, the overall bearish momentum has likely become exhausted. Potentially the current slightly lower low is a good indication that a major reversal is due next week.
The current slightly higher low could serve as the base from which Bitcoin price action sets higher high over the next days. In this case, the several-week downtrend could finally come to a halt.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a slowdown from the previous day’s decline. Therefore, the $38,000 mark offers enough support to reverse the market again, leading to a higher local low set over the next 24 hours.