- Bitcoin price analysis is bullish today.
- BTC/USD found support at $46,000 yesterday.
- Market slowly moves towards previous high.
Bitcoin price analysis is bullish today as we expect more upside to follow after the $46,000 support reversed the market again. Therefore, BTC/USD is likely to set another lower high next.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.36 percent, while Ethereum lost 0.42 percent. Meanwhile, Dogecoin (DOGE) is the worst performer, with a loss of almost 7 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rebounds from $46,000
BTC/USD traded in a range of $46,426.84 – $47,999.64, indicating mild volatility over the last 24 hours. Trading volume has declined by 28.4 percent, totaling $24.7 billion. Meanwhile, the total market cap trades around $892.46 billion, resulting in a market dominance of 40.44 percent.
BTC/USD 4-hour chart: BTC moves to test upside again
On the 4-hour chart, we can see the Bitcoin price slowly advancing over the last 24 hours as bulls look to retest previous high.
Bitcoin price has seen a slow decline over the past week. Further lower low and lower high were set, indicating a bearish market structure still in play.
After another retest of the $46,000 previous low on Friday, BTC/USD started to slowly reverse yesterday. Currently, BTC has reached the $48,000 mark, with more upside likely to follow.
However, we expect another lower high to be set below $49,000 as the overall market structure is still bearish. From there, Bitcoin price action should continue lower again early next week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we expect more upside to follow after a slow recovery over the last 24 hours. Likely BTC/USD will peak close to the previous high around $49,000 and continue to trade along with the overall bearish momentum next week.