Lapin
Bitcoin price analysis is bullish today as we have seen a strong spike to $28,000 support and a quick reaction back into the previous consolidation area. Therefore, we expect more upside later today, potentially to retest the $30,000 previous local high.
The market has seen a swift drop over the last 24 hours as the previous support levels could not stand anymore. Bitcoin traded with a small gain of 0.13 percent as a swift recovery followed, while Ethereum is still 3.41 percent in the red.
Bitcoin price movement in the last 24 hours: Bitcoin breaks out of the previous consolidation
BTC/USD traded in a range of $28,261.91 to $29,972.64, indicating strong volatility over the last 24 hours. Trading volume has increased by 36.68 percent, totaling $36.14 billion, while the total market cap trades around $562.825 billion, resulting in market dominance of 45.3 percent.
BTC/USD 4-hour chart: BTC return to $30,000
On the 4-hour chart, we can see bullish momentum regaining control as a strong reaction higher followed the drop that was seen during the middle of the day.
Bitcoin price action has seen a lot more consolidation over the past ten days as the market was indecisive on where to move next. With clear support formed at $29,000 and resistance at $31,000, BTC/USD retested both during the last days.
However, a slightly lower local high was set yesterday around $30,000, indicating a potential break lower incoming. Overnight, sellers slowly piled in, taking BTC to the critical $29,000 major support.
Break lower did indeed follow as a quick spike to $28,000 was seen during the middle of the day. Over the following hours, a quick reaction higher was seen back above $29,000, potentially indicating that more upside is to come.
Overall, a clear bearish signal has been seen in the market. Once BTC sets another lower local high, we expect more downside to be tested by the end of the month.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a swift drop to $28,000 being met with a strong reaction higher. Therefore, more upside can be expected, likely to set another lower high.
While waiting for Bitcoin to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.
