Today’s Bitcoin price analysis is bullish as we expect another local low to be recorded and further upside in the coming days. Therefore, Bitcoin/USD should soon break the local resistance of $18,000 and try to make a further recovery.
The market traded in the green over the past 24 hours, with Bitcoin and Ethereum gaining 0.35% and 1.29% respectively. Meanwhile, the best performer of the day was Dogecoin, which gained more than 10.5%.
Bitcoin price movement in the last 24 hours: Bitcoin consolidated around $17,000
BTC/USD traded in a range of $16,630.07 to $17,066.68, indicating minor volatility over the past 24 hours. Trading volume decreased by 38.63% to a total of $38.32 billion, while the total market value was around $324.9 billion, resulting in a market dominance of 38.12%.
Bitcoin/USD 4-Hour Chart: Bitcoin Set to Continue Higher?
On the 4-hour chart, we can see no move lower over the past few hours, indicating that another higher pressure should begin overnight.
Bitcoin price action has seen several days of sharp declines earlier this week. After hitting a new low at the $16,000 support, BTC/USD reacted to $18,000 on Thursday, marking the first sign of a recovery ahead.
Further gains were not possible, causing Bitcoin to retrace over the past 24 hours. Signs of support above $16,500 were seen yesterday, leading to a consolidation in an ascending range since then.
Bitcoin price is likely now poised to bottom and move for further recovery. A move above the $18,000 resistance can be expected, with the $18,800 resistance likely to be the next target to be tested. After doing so, BTC/USD should make another low next week and continue higher from there.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis today is bullish as we have seen a consolidation around $17,000 in the last 24 hours after a slight decline earlier. Thus, BTC/USD is poised to continue even higher and break through the $18,000 resistance to continue recovery after the sharp decline seen earlier in the week.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.