Bitcoin price analysis: BTC breaks $20,400, further upside incoming?

Bitcoin Price analysis 2022 10 26

Bitcoin price analysis is bullish today as we have seen a strong spike higher yesterday and follow-up bullish momentum over the past hours. Therefore, we expect BTC/USD to push even higher and look to target the $21,000 resistance next.

Bitcoin price analysis: BTC breaks $20,400, further upside incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 6.75 percent, while Ethereum 14.7 percent and was one of the top gainers of the day. The rest of the market followed with similar strong upside momentum.

Bitcoin price movement in the last 24 hours: Bitcoin continued to advance higher

BTC/USD traded in a range of $19,456.00 to $20,702.72, indicating strong volatility over the last 24 hours. Trading volume has spiked by 166.22 percent, totaling $66.2 billion, while the total market cap traded around $395.42 billion, resulting in market dominance of 39.82 percent.

BTC/USD 4-hour chart: BTC swiftly continues higher

On the 4-hour chart, we can see Bitcoin price rapidly advancing, likely leading towards a strong test of the $21,000 resistance later today.

Bitcoin price analysis: BTC breaks $20,400, further upside incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen consolidation in an increasingly tighter range over the past week. With both lower highs and higher lows set, BTC/USD traded around $19,000 at the end of last week.

After a slightly higher local low, bullish momentum quickly appeared on Tuesday. Rapid advance took the BTC price above $20,000 major resistance and as high as the $20,400 mark, indicating a clear higher high set.

From there, Bitcoin quickly retested the $20,000 mark as support, with a quick reversal higher shortly after. Since then, BTC/USD has rapidly advanced, quickly leading to the $21,000 resistance, which, if broken, would be a very strong bullish sign for the upcoming weeks.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen strong advances throughout the day after the $20,400 resistance was broken. Therefore, BTC/USD should see a strong test of the $21,000 resistance over the rest of the day.

While waiting for Bitcoin to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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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