- Bitcoin price analysis is bullish today.
- BTC/USD continued to consolidate above $42,000 overnight.
- Bullish momentum returned over the past hours.
Bitcoin price analysis is bullish today as we see further attempts to move higher after more than 24 hours of consolidation above $42,000. Therefore, we expect BTC/USD to break higher and look to move to the $44,000 resistance next.
Cryptocurrency heat map. Source: Coin360
The overall market has seen slightly bullish momentum over the last 24 hours. The leader, Bitcoin, has gained 1.12 percent, while Ethereum 2.45 percent. The rest of the top altcoins follow with similar results with few exceptions.
Bitcoin price movement in the last 24 hours: Bitcoin continued to move sideways
BTC/USD traded in a range of $41,681.96 – $42,715.52, indicating low volatility over the last 24 hours. Trading volume totals $18.9 billion, up by 25 percent, while the total market cap trades at $808.4 billion, resulting in a dominance of 42.5 percent.
BTC/USD 4-hour chart: BTC prepares to move higher?
On the 4-hour chart, we can see the Bitcoin price currently pushing towards $43,000 as more downside could not be reached over the last 24 hours.
BTC/USD 4-hour chart. Source: TradingView
The Bitcoin price action has seen reversal late last week. After several days of strong advance, a new major swing high was set below $46,000 on the 10th of February.
From there, BTC/USD initially retraced to $43,000 previous low, with a further spike lower seen on the 11th of February. This time, support was found at $42,000, while the $42,500 mark now offered resistance.
Over the weekend, the Bitcoin price action traded sideways above the previously mentioned support and resistance. A strong base from which to reverse has been established, likely leading BTC/USD to recover some of the loss.
However, the overall sentiment is bearish for the rest of the week as we expect a lot deeper retracement. Likely we will see BTC/USD set lower high below $44,000 and continue lower later in the week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen rejection for downside and consolidation above $42,000 continue over the last 24 hours. Therefore, we expect BTC/USD to move higher and look to set a clear lower high below $44,000 next major resistance.
While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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