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Bitcoin price analysis: BTC continues towards $31,000, break out of consolidation next?

Bitcoin Price analysis 2022 05 23
TL;DR Breakdown
  • Bitcoin price analysis is bullish today.
  • BTC/USD continued higher overnight.
  • Resistance at $31,000 soon to be retested.

Bitcoin price analysis is bullish today as we expect more upside to follow after a steady advance higher over the last 24 hours. Therefore, BTC/USD will likely attempt to break $31,000 and continue higher from there.

Bitcoin price analysis: BTC continues towards $31,000, break out of consolidation next? 1
Cryptocurrency heat map. Source: Coin360

The market has seen more upside tested over the last 24 hours as bullish momentum persisted. The leader, Bitcoin, gained a decent 1.68 percent, while Ethereum gained a more substantial 3.03 percent. From the major altcoins, BNB and DOT were the top performers, with around a 6 percent gain.

Bitcoin price movement in the last 24 hours: Bitcoin continues towards $31,000

BTC/USD traded in a range of $29,869.83 to $30,590.59, indicating mild volatility over the last 24 hours. Trading volume has increased by 32.42 percent, totaling $25.53 billion, while the total market cap trades around $580 billion, resulting in market dominance of 44.24 percent.

BTC/USD 4-hour chart: BTC pauses at $30,500

On the 4-hour chart, we can see slight consolidation forming since morning, indicating that a break higher could soon follow.

Bitcoin price analysis: BTC continues towards $31,000, break out of consolidation next?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded within a consolidation for more than a week now. A clear support area was initially found around $29,000 and retested several times last week, while resistance was established around $31,000.

Since then, no clear indication of where the market is headed can be seen. Likely BTC/USD will attempt to break the $31,000 mark, however, we might as well see a reversal once more.

Considering this Bitcoin price action development, we should wait for further price action to make sure that the market is indeed bullish. If a clear higher high is set, BTC should see further upside over the following days.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a steady advance from the $29,000 support to the $31,000 local resistance. Therefore, if the momentum continues, we should soon see BTC/USD break above the current consolidation area.

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

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.

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