Bitcoin price analysis is bullish today as we have seen a strong reaction at the $16,000 support and a swift move higher over the past hours. Therefore, BTC/USD is ready to continue even higher and push back above $18,000 overnight.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.04 percent after a swift reaction higher, while Ethereum gained 7.65 percent. The rest of the top altcoins traded somewhere in between.
Bitcoin price movement in the last 24 hours: Bitcoin sets new swing low
BTC/USD traded in a range of $15,682.69 to $17,747.49, indicating extreme volatility over the last 24 hours. Trading volume has declined by 17.48 percent, totaling $104.55 billion, while the total market cap traded around $338.17 billion, resulting in market dominance of 38.11 percent.
BTC/USD 4-hour chart: BTC looks to break $18,000 resistance
On the 4-hour chart, we can see strong bullish momentum taking over over the second half of the day, likely leading BTC to retrace above the $18,000 resistance.
Bitcoin price action has traded with strong selling pressure over the past days. After the last move higher last weekend took BTC/USD to $21,500, selling pressure started to quickly return as the $20,000 previous low was quickly broken on Tuesday.
Further selling quickly followed the $18,000 support, where a slight reaction higher was seen for a short while. However, recovery did not follow, leading BTC towards further downside yesterday.
Eventually, Bitcoin price action found support around the $16,000 mark, with another quick reaction higher seen shortly after. Since then, BTC/USD has rapidly regained previous loss and currently looks to test the $18,000 previous support turned resistance.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong reaction from the $16,000 support overnight and a swift move higher later in the day. Therefore, we expect BTC/USD to continue higher over the rest of the day to recover more from the loss seen over the past days.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
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