- Bitcoin price analysis is bullish for today.
- BTC/USD tests $44,000 resistance.
- Bitcoin is set to break higher today.
Bitcoin price analysis is bullish today as more upside was seen overnight, with the $44,000 resistance briefly broken. Therefore, we expect further upside to follow, likely leading BTC/USD towards a higher high later today.
The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 1.27 percent, while Ethereum is up by 3.8 percent. Meanwhile, Solana (SOL) is the best performer today, with a gain of almost 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin briefly breaks $44,000
BTC/USD traded in a range of $42,822.37 – $44,313.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.66 percent and totals $28.9 billion, while the total market cap trades at $821.7 billion, resulting in the market dominance of 42.25 percent.
BTC/USD 4-hour chart: BTC looks to set higher high today?
On the 4-hour chart, we can see the Bitcoin price action testing the $44,000 mark, which, once broken, will open up the way for a lot more upside.
Bitcoin price action traded in a bearish momentum over the past weeks. After an initial spike lower on the 7th of September, during which BTC/USD lost more than 15 percent, a several-day consolidation followed.
The $44,000 mark served as support several times until it was broken as a result of reversal from the $48,500 swing high. Early last week, Bitcoin finally found support at $41,000.
What followed was a reaction higher during the middle of the week to $45,000. However, on Friday, another spike lower was made to $41,000. After further consolidation, BTC/USD made the fourth test of $41,000, again with rejection, indicating that bears are exhausted, and a market reversal is due this week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for today as bulls pushed BTC back to $44,000 resistance overnight. As long as the bullish momentum persists later today, we should see a break higher, with the next target the $46,500 resistance.
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