Bitcoin price analysis is bullish today as we expect reversal from the $39,000 support to follow after more selling was seen yesterday. Likely BTC sellers are now exhausted, and bulls are ready to take over again. BTC traded in a range of $38,777 – $40,927, indicating substantial volatility over the last 24 hours. Trading volume has declined by over 22 percent, totaling $23.6 billion. The total market cap declined to $743.23 billion, resulting in a dominance of 42.25 percent. On the 4-hour chart, we can see the Bitcoin price starting to pivot higher as no further downside can be reached since late yesterday.
Bitcoin market structure has seen a change in direction this week. After quick retracement to $37,000 at the end of February, a strong push higher was seen over the next 24 hours.
BTC peaked at around $45,600 after over a 22 percent rally, indicating very bullish sentiment. Later in the week, consolidation formed, leading to a slow reversal back to the downside as bulls were finally exhausted.
On Thursday strong push lower began the retracement, resulting in a swift move towards the previous resistance area around $39,500. Late yesterday, support was finally found at $39,000, leading to think that the retracement has ended.
Bitcoin price should see a reversal from the current area later in the weekend, meaning a higher low is set once again. Overall, unless further downside is reached over the next 24 hours, we expect BTC to start moving higher once again, likely starting next week with another rally.