TL; Fault DR
- Bitcoin price analysis is bullish today.
- Bitcoin rose overnight.
- BTC / USD is set to break the $ 48,000 resistance.
Bitcoin price analysis is bullish for today as the market price approached $ 48,000 resistance in the past hours after re-testing support at $ 44,000 yesterday. Therefore, we expect the BTC / USD to eventually cross the $ 48,000 resistance and move to the next major target of $ 50,000.
The cryptocurrency market traded at a strong uptrend, with Bitcoin topping the market with a 5.48% increase. Atrium, meanwhile, grew 7.21 percent, with Cardano outperforming by 22 percent.
Bitcoin price movement in the last 24 hours: Bitcoin price increase with support of $ 44,000
BTC / USD traded in the range of $ 45,442.83 – $ 47,794.21, indicating significant volatility in the last 24 hours. Trading volume increased by 9.67% to $ 35 billion, while the total market capitalization was about $ 897 billion, resulting in market dominance of 43.46%.
4-hour BTC / USD chart: Will BTC break the $ 48,000 resistance?
In the 4-hour chart, we can see the bitcoin price move closer to $ 48,000 in the previous swing as the cows try to finally climb higher.
The price of Bitcoin has been trading with a strong uptrend over the past month. BTC / USD quickly reached the $ 42,000 mark after making a major fluctuation above $ 29,500 on July 20.
Since Bitcoin reached its previous high, the overall market movement has risen again. What followed was $ 38,000 support in early August. From there, the cows once again pushed the market forward, this time to the $ 48,000 mark.
However, further ascents were not achievable, followed by several days of aggregation, and were tested twice with $ 44,000 support. Bitcoin did not see any further decline and started another support yesterday.
This bitcoin price development has led to another test of significant resistance at $ 48,000. Given the current uptrend, we can expect to see failure later today, with the next target being $ 50,000.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish in the next 24 hours as the bulls took over the market yesterday after re-testing the $ 44,000 support. Since then, the BTC / USD has approached $ 48,000 resistance and is currently trying to break the previous $ 48,000 fluctuation.
As you wait for more bitcoin to move, read our articles on the future of bitcoin, decentralized exchanges, and the NFT market.
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