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Bitcoin Price Analysis: Bitcoin Breaks $20,400, More Entry Rise?

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  Bitcoin

Bitcoin price analysis is bullish today as we saw a strong bounce yesterday and further bullish move in the past hours. Therefore, we expect BTC/USD to go even higher and look for the next resistance target at $21,000.

Bitcoin Price Analysis: Bitcoin Breaks $20,400, More Entry Rise?  1
Heat map of digital currencies. Source: Coin360

The market has been trading in the green for the past 24 hours. Bitcoin, the leader, rose 6.75 percent, while Ethereum was one of the day’s top winners, up 14.7 percent. The rest of the market followed with similar strong upside.

Bitcoin price movement in the last 24 hours: Bitcoin continued its upward trend

BTC/USD traded in a range of $19,456.00 to $20,702.72, indicating strong volatility over the past 24 hours. Trading volume increased by 166.22% to a total of $66.2 billion, while the total market value was traded around $395.42 billion, resulting in a market dominance of 39.82%.

Bitcoin/USD 4-Hour Chart: Bitcoin is rapidly moving higher

On the 4-hour chart, we can see the price of Bitcoin making rapid progress, which is likely to lead to a strong test of the $21,000 resistance later today.

Bitcoin Price Analysis: Bitcoin Breaks $20,400, More Entry Rise?
BTC/USD 4 hour chart. Source: TradingView

Bitcoin’s price action over the past week has been consolidating in an increasingly bullish range. BTC/USD traded around $19,000 at the end of last week, setting highs and lows.

After slightly above local lows, upside quickly emerged on Tuesday. The rapid advance took the price of Bitcoin above the main resistance of $20,000 and also moved up to the $20,400 mark, indicating a clear higher set.

From there, Bitcoin quickly retested $20,000 as support, with a quick reversal shortly thereafter. Since then, BTC/USD has advanced rapidly, quickly leading to the $21,000 resistance, which, if broken, would be a very strong bullish sign for the coming weeks.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish today as we saw strong intraday gains after breaking the $20,400 resistance. Therefore, BTC/USD should see a strong test of the $21,000 resistance for the rest of the day.

While you wait for Bitcoin to move further, check out our articles on Siacoin Wallet, Pi Wallet and LTC Wallet Review.