Bitcoin price analysis is bullish today as we expect to test more upside and set a slightly higher local high after a strong recovery. BTC /USD will likely move to the $42,000 resistance as the momentum is still strong.
The market has gained ground over the last 24 hours. The leader, Bitcoin , gained 3.34 percent, while Ethereum gained 4.92 percent. Meanwhile, the rest of the top altcoins followed closely.
BTC /USD traded in the $40,244.00 to $41,672.96 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.36 percent, totaling $29.145 billion, while the total market cap trades around $785.6 billion, accounting for market dominance of 41.02 percent.

Bitcoin price action has seen another dip at the beginning of the week. It saw a new low at $38,500 before a strong reaction followed later in the day.

Previous resistance at $40,600 was broken during the second half of the day, with consolidation following later. Overnight, any further upside was rejected, leading to more consolidation above $40,600.

However, more downside did not follow. The Bitcoin price action started another rally, this time above the $41,500 resistance.

Therefore, if the current momentum persists, we should see further upside over the next 24 hours. Alternatively, BTC /USD will likely reverse and continue the several-week decline.