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Bitcoin price analysis: BTC finds support at $29,000 again, another push higher incoming?

Bitcoin Price analysis 2022 05 21

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD retested $29,000 yesterday.
  • Consolidation is seen over the last 24 hours.

Bitcoin price analysis is bullish today as we have seen another retest of $29,000 support turn into consolidation. Therefore, BTC/USD is slowly pivoting back to the upside and will look to set a higher local high next.

Bitcoin price analysis: BTC finds support at $29,000 again, another push higher incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.11 percent, while Ethereum gained 2.42 percent. Meanwhile, Binance Coin (BNB), Cardano (ADA), and Avalanche (AVAX), among others, are the top performers of the day. 

Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $29,000

BTC/USD traded in a range of $28,793.61 to $29,588.87, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 32.43 percent, totaling $20.66 billion, while the total market cap trades around $562.5 billion, resulting in a dominance of 44.5 percent.

BTC/USD 4-hour chart: BTC looks to return higher?

On the 4-hour chart, we can see bullish momentum slowly taking over again as the $29,000 mark has offered strong support.

Bitcoin price analysis: BTC finds support at $29,000 again, another push higher incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen sideways consolidation over the last week as further retracement was impossible. Resistance was initially found at $31,000 and retested several times since.

Additionally, support was found and retested at $29,000, meaning that a consolidation range has been formed. This means that the medium-term market direction is unclear until a clear break to either side is made.

However, considering that the $29,000 current support was just retested, we should see another push higher over the next 24 hours. The momentum at which the Bitcoin price can rally should determine whether a break higher will happen.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish as we have seen failure to continue lower and consolidation formed above $29,000 support. Therefore, BTC/USD is ready to attempt another push higher, potentially setting a higher local high.

While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

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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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