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Bitcoin price analysis: BTC finds support at $20,400, spikes higher

Bitcoin Price analysis 2022 11 02

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD consolidated above $20,400 yesterday.
  • Reaction higher seen over the past hours.

Bitcoin price analysis is bullish today as we have seen steady retrace and consolidation over the past days until the $20,400 mark offered support. After some consolidation over the past 24 hours, BTC/USD saw a quick spike higher, likely indicating that more upside will be tested overnight.

Bitcoin price analysis: BTC finds support at $20,400, spikes higher 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.92 percent, while Ethereum 0.81 percent. The rest of the market traded with low volatility mixed results.

Bitcoin price movement in the last 24 hours: Bitcoin sets higher local low

BTC/USD traded in a range of $20,382.98 to $20,605.02, indicating mild volatility over the last 24 hours. Trading volume has remained almost unchanged, still totaling $40.97 billion, while the total market cap traded around $395.54 billion, resulting in market dominance of 39.34 percent.

BTC/USD 4-hour chart: BTC prepares to retest $21,000?

The 4-hour chart shows an upsurge over the past hours as the $20,400 mark offered strong support.

Bitcoin price analysis: BTC finds support at $20,400, spikes higher 2
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action traded with strong bullish momentum last week as the previous consolidation was finally broken. New swing high was set at $21,000 last Wednesday, resulting in a swift retrace to retest $20,000.

From there, another rally began, leading back to the $21,000 mark, where a double top reversal was formed. However, BTC/USD lacked the momentum to post a strong retrace, leading to consolidation above $20,400.

Over the past hours, Bitcoin price has started to spike higher, likely as another test of the $21,000 mark needs to be made. Alternatively, a lower local high will be set, and further selling will take place over the rest of the week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen strong consolidation above $20,400, resulting in a quick spike higher over the past hours. Likely BTC/USD will continue even higher as a result and look to move towards the $21,000 previous swing high.

While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve 

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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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