Bitcoin price analysis is bullish today as we expect to test more upside and set a slightly higher local high after a strong recovery. BTC/USD will likely move to the $42,000 resistance as the momentum is still strong.
The market has gained ground over the last 24 hours. The leader, Bitcoin, gained 3.34 percent, while Ethereum gained 4.92 percent. Meanwhile, the rest of the top altcoins followed closely.
BTC/USD traded in the $40,244.00 to $41,672.96 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.36 percent, totaling $29.145 billion, while the total market cap trades around $785.6 billion, accounting for market dominance of 41.02 percent.
Bitcoin price action has seen another dip at the beginning of the week. It saw a new low at $38,500 before a strong reaction followed later in the day.
Previous resistance at $40,600 was broken during the second half of the day, with consolidation following later. Overnight, any further upside was rejected, leading to more consolidation above $40,600.
However, more downside did not follow. The Bitcoin price action started another rally, this time above the $41,500 resistance.
Therefore, if the current momentum persists, we should see further upside over the next 24 hours. Alternatively, BTC/USD will likely reverse and continue the several-week decline.
The market has gained ground over the last 24 hours. The leader, Bitcoin, gained 3.34 percent, while Ethereum gained 4.92 percent. Meanwhile, the rest of the top altcoins followed closely.
BTC/USD traded in the $40,244.00 to $41,672.96 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.36 percent, totaling $29.145 billion, while the total market cap trades around $785.6 billion, accounting for market dominance of 41.02 percent.
Bitcoin price action has seen another dip at the beginning of the week. It saw a new low at $38,500 before a strong reaction followed later in the day.
Previous resistance at $40,600 was broken during the second half of the day, with consolidation following later. Overnight, any further upside was rejected, leading to more consolidation above $40,600.
However, more downside did not follow. The Bitcoin price action started another rally, this time above the $41,500 resistance.
Therefore, if the current momentum persists, we should see further upside over the next 24 hours. Alternatively, BTC/USD will likely reverse and continue the several-week decline.