- Bitcoin price analysis is bullish today.
- BTC/USD retested the $46,500 support overnight.
- Bitcoin set for another rally.
Bitcoin price analysis is bullish for today as the market found support at the $46,500 support overnight, indicating an upcoming reversal. Therefore, we expect BTC/USD to reverse later today and start heading to the $50,000 resistance again later this week.
The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 0.06 percent. Meanwhile, Ethereum is among the best performers, with a gain of 5.12 percent, with the rest of the top altcoin following.
Bitcoin price movement in the last 24 hours: Bitcoin retests previous support at $46,500
BTC/USD traded in a range of $46,562.44 – $47,848.84, indicating mild volatility over the last 24 hours. Trading volume has increased by 9.92 percent and totals $37.27 billion, while the total market capitalization trades around $890 billion, resulting in the market dominance of 41.79 percent.
BTC/USD 4-hour chart: BTC set to break above the $50,000 resistance next?
On the 4-hour chart, we can see the Bitcoin price retesting $46,500 support, which should lead towards a reversal over the next 24 hours.
Bitcoin price action has seen a strong advance over the past month. After finding support at $29,500 on the 20th of July, BTC/USD rallied by more than 70 percent and set a new high slightly above $50,000 on the 23rd of August.
From there, a retracement to the $46,500 mark was seen last week. Over the weekend, BTC rallied from the support and set a lower high below $50,000. What followed was another retracement to the $46,500 support over the past days.
Overall, as long as the support holds, we expect the Bitcoin price to pivot higher again. Once it does, the next major resistance to break is the $50,000 previous high.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for today as the market has retested the $46,500 previous support after a slow retracement over the last days. Therefore, we expect BTC/USD to reverse from the support and head towards the $50,000 next major resistance next.
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