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Bitcoin Price Analysis: BTC Tests $ 46,500 Again, Ready to Break the Next $ 50,000?

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis is bullish today.
  • BTC / USD re-tested $ 46,500 support overnight.
  • Bitcoin is ready to rise again.

Bitcoin price analysis is bullish for today as the market supported $ 46,500 overnight support, which indicates a reversal of the future. So, we expect the BTC / USD to reverse yesterday today and move back to the $ 50,000 resistance later this week.

Bitcoin Price Analysis: BTC Tests $ 46,500 Again, Ready to Break the Next $ 50,000?  1
Encrypted currency heat map Source: Coin360

The overall market traded green in the last 24 hours and the market leading bitcoin grew 0.06%. Atrium, meanwhile, is among the top performers with a 5.12 percent increase, followed by the rest of the top altcoins.

Bitcoin price movement in the last 24 hours: Bitcoin re-tests its previous support at $ 46,500

BTC / USD traded in the range of $ 46,562.44 – $ 47,848.84, which shows a slight fluctuation in the last 24 hours. Trading volume increased by 9.92% to $ 37.27 billion, while total market capitalization traded at around $ 890 billion, resulting in 41.79% market dominance.

4-hour chart BTC / USD: Is BTC going to cross the $ 50,000 resistance later?

In the 4-hour chart, we can see the price of Bitcoin back at $ 46,500 again, which should go back in the next 24 hours.

Bitcoin Price Analysis: BTC re-tests $ 46,500, ready to break the next $ 50,000?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price performance has improved significantly over the past month. After finding support at $ 29,500 on July 20, BTC / USD rose more than 70% and rose slightly above $ 50,000 on August 23.

From there, a $ 46,500 price correction was seen last week. Over the weekend, BTC supported support and reached its lowest level below $ 50,000. What followed was a resurgence of $ 46,500 support in recent days.

In general, as long as support continues, we expect the price of bitcoin to rise again. When it does, the next major resistance to break is the previous $ 50,000 high.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as the previous support market re-tested $ 46,500 after a slow return in recent days. Therefore, we expect BTC / USD to reverse support and move to the next major resistance of $ 50,000 in the future.

As you wait for more bitcoin to move, read our articles on packaged Bitcoin, decentralized exchanges, and the NFT market.

Disclaimer. The information provided is not a commercial recommendation. Ramzifa.ir is not responsible for the investments made based on the information provided on this page. We strongly recommend independent research and / or consultation with a qualified professional before making an investment decision.