Bitcoin price analysis: BTC breaks $40,000, more upside incoming?
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TL;DR Breakdown
- Bitcoin price analysis is bullish today.
- Strong buying pressure returned overnight.
- BTC/USD spiked above $40,000.
Bitcoin price analysis is bullish today as we have seen the $40,000 major resistance broken over the past hours. Since BTC/USD still trades with strong momentum, we expect more upside to follow by the end of the day.
The market has traded with strong upwards momentum over the last 24 hours. The market leader, Bitcoin, has gained 11.15 percent, while Ethereum around 14 percent. The rest of the market has followed with similar strong gains.
Bitcoin price movement in the last 24 hours: Bitcoin gains over 11 percent
BTC/USD traded in a range of $36,388.14 – $40,429.51, indicating extreme volatility over the last 24 hours. Trading volume has increased by 34 percent, totaling $26.18 billion. Meanwhile, the total market cap trades around $863 billion, resulting in a market dominance of 41.48 percent.
BTC/USD 4-hour chart: BTC targets $41,000 next
On the 4-hour chart, we can see the Bitcoin price action still trading with strong bullish momentum, likely leading to further upside tested later in the day.
Bitcoin price action struggled to reach further upside over the past week. After the second retest of the $38,500 resistance, BTC/USD made another higher low before finally breaking a slightly higher high on Monday.
From there, swift retracement broke the previous low until support was found around the $36,000 mark. The strong push lower did indicate a potential return of a bearish market structure over the next weeks.
However, after a strong push higher overnight, bulls took the Bitcoin price way above the previous high at $39,000 today. Additionally, the $40,000 major resistance was broken, indicating a strong bullish market structure once again.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong spike higher and a break above the $40,000 resistance. Likely more upside will follow as the buying pressure still persists.
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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