Bitcoin price analysis: BTC closes in on $46,000, swift breakout to follow?
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TL;DR Breakdown
- Bitcoin price analysis is bullish today.
- BTC/USD retested $44,000 as support overnight.
- Another push higher seen so far today.
Bitcoin price analysis is bullish today as we saw previous consolidation resolve into another push higher this morning. Therefore, we expect BTC/USD to break the $46,000 next major resistance over the next 24 hours.
The market has seen mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, are slightly in the green with a 2.76 and 0.27 percent increase. Meanwhile, the rest of the top altcoins have mostly seen slight loss.
Bitcoin price movement in the last 24 hours: Bitcoin retests $44,000 as support, breaks higher
BTC/USD traded in a range of $43,402.81 – $45,398.91, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.21 percent, totaling 28.8 billion, while the total market cap trades around $860.47 billion, resulting in a market dominance of 42 percent.
BTC/USD 4-hour chart: BTC closes in on next resistance
On the 4-hour chart, we can see the Bitcoin price action rapidly gaining ground today, with the $46,000 almost reached over the past hours.
Bitcoin price action has seen a strong increase so far in February. After the $38,500 resistance was broken at the beginning of the month, a new low was set above $36,000 on the 3rd of February.
From there, BTC/USD rallied over 15 percent to $42,000 in less than 24 hours. After some consolidation, further upside followed to the $45,500 mark couple of days later.
Since then, the Bitcoin price action has retraced to $43,000, where consolidation was formed. Yesterday, BTC/USD slowly traded higher again, leading to another push to the upside today.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen further buying pressure return early in the morning. Likely BTC/USD will hit the $46,000 resistance soon and potentially break even higher.
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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