TL; Fault DR
- Bitcoin price analysis is bullish.
- BTC / USD saw a sharp rise overnight.
- The $ 56,000 resistance is currently being tested as support.
Bitcoin price analysis is bullish today as the $ 56,000 high jumped after a few days of consolidation below. Therefore, we expect the BTC / USD to continue higher in the next 24 hours.
The overall market traded with different results in the last 24 hours. Bitcoin and Atrium market leaders grew 2.56 and 0.54 percent, respectively. Meanwhile, Shiba Inu (SHIB) was the best actor with a 12% increase.
Bitcoin price movement in the last 24 hours: Bitcoin resistance reached above $ 56,000
BTC / USD traded in the range of $ 54,474.95 – $ 56,964.66, which shows a moderate fluctuation in the last 24 hours. Trading volume increased by 16% to $ 41.5 billion, while the total market value is again trading at about $ 1 trillion, resulting in a market dominance of 45.78%.
4-hour chart BTC / USD: Is BTC looking to raise prices today?
In the 4-hour chart, we can see the price action of Bitcoin, which is currently re-testing the previous resistance, which indicates that a further rise will follow later.
Bitcoin price performance has been strong so far this month. After a week-long accumulation of more than $ 41,000 at the end of September, a major new swing was created.
From there, the BTC / USD started to rise on October 1 and eventually reached the $ 56,000 mark. Beneath the newly acquired resistance, a multi-day rally over the weekend formed, potentially indicating a reversal of the future.
Overnight, however, the cows pushed the price of Bitcoin above the resistance level, eventually reaching $ 57,000. Over the past few hours, the BTC / USD has improved slightly by re-testing the previous resistance as support.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today as a strong jump above the previous resistance was observed overnight. Therefore, we expect the BTC / USD to continue higher in the next 24 hours.
As you wait for more bitcoin to move, read our guide to the best NFT markets, NFT history and development, as well as NFT music.
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