Bitcoin price analysis is bullish today as we have seen a strong reaction from the $16,000 support and a quick move to the upside in the past few hours. Thus, Bitcoin/USD is poised to continue even higher and bounce back above $18,000 overnight.
The market has been trading in the green for the past 24 hours. Bitcoin, the leader, rose 0.04 percent after a quick reaction, while Ethereum gained 7.65 percent. The rest of the top altcoins trade somewhere in between.
Bitcoin price movement in the last 24 hours: Bitcoin makes a new swing low
BTC/USD traded in a range of $15,682.69 to $17,747.49, indicating extreme volatility over the past 24 hours. Trading volume decreased by 17.48% to $104.55 billion, while the total market value was traded around $338.17 billion, resulting in a market dominance of 38.11%.
Bitcoin/USD 4-hour chart: Bitcoin looks to break the $18,000 resistance
On the 4-hour chart, we can see a strong upside move in the second half of the day, which is likely to push Bitcoin above the $18,000 resistance.
The price of Bitcoin has been trading with strong selling pressure for the past few days. After last weekend’s recent up move took BTC/USD to $21,500, selling pressure quickly started to return as the previous low of $20,000 was quickly broken on Tuesday.
Further selling quickly followed the $18,000 support, where a slight higher reaction was seen briefly. However, the recovery did not follow, sending Bitcoin further down yesterday.
Finally, Bitcoin price found support around $16,000, with another quick reaction seen shortly after. Since then, BTC/USD has quickly regained previous losses and is currently looking to test the previous $18,000 resistance.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we saw a strong reaction from the overnight $16,000 support and a quick move higher later in the day. Therefore, we expect Bitcoin/USD to continue its upward trend for the rest of the day to further recover from the losses seen in the previous days.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.