Bitcoin price analysis today is bullish as we have seen a slight decline above $20,000 and another strong push in the past hours. BTC/USD is likely to look for another lower high later today or potentially look to break the $21,000 resistance.
The market has been trading in the green for the past 24 hours. Bitcoin, the leader, gained 2.93 percent and Ethereum almost 5 percent. The rest of the market witnessed further increases.
Bitcoin price movement in the last 24 hours: Bitcoin failed to continue its downward trend
BTC/USD traded in a range of $20,123.82 to $20,761.57, indicating mild volatility over the past 24 hours. Trading volume decreased by 12% to a total of $49.75 billion, while the total market value was traded at around $398.58 billion, resulting in a market dominance of 38.53%.
Bitcoin/USD 4-Hour Chart: Bitcoin is rapidly showing higher videos
On the 4-hour chart, we can see the Bitcoin price moving with a strong bullish move in the past hours, which is likely to return to the previous high at the end of the day.
After a break above the previous stabilization, Bitcoin’s price action has been volatile until the end of October. Last Wednesday’s resistance was $21,000, with the immediate reaction dropping to $20,000.
From there, BTC/USD bounced back at the end of October, setting up a double-winged reversal pattern as resistance failed to break. As a result, Bitcoin began a multi-day rally towards a previous local low of $20,000.
Bitcoin price action once again found support in the mark leading to a minor consolidation above. Buying pressure returned overnight, indicating that bulls are not yet ready to give up above $21,000. If BTC/USD breaks above $21,000, we could see another multi-day rally as the next major resistance lies at $23,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we saw a reversal above $20,000 as yesterday’s selling pressure stopped and overnight buyers returned. Therefore, we expect BTC/USD to test the $21,000 mark soon.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve