Bitcoin price analysis is bullish today as we expect the current consolidation to be resolved with a break higher. BTC has already set a higher local low, indicating a test of the $39,500 resistance should follow soon.
BTC traded in a range of $38,432 – $39,267, indicating mild volatility over the last 24 hours. Trading volume has declined by 38 percent, totaling $16.2 billion. Meanwhile, the total market cap has increased to $742.86 billion, resulting in a dominance of 42.49 percent.
On the 4-hour chart, we can see the Bitcoin price approaching the $39,500 resistance again, likely leading to a break higher by the end of the day.
Bitcoin price as strong upswing during the first half of the week. However, selling pressure returned rather quickly, leading BTC to a new higher low set around $39,000.
Since then, the market has traded sideways, with only a brief test of upside seen yesterday. However, further downside has clearly been rejected, indicating that the market is indeed slowly reversing to the upside.
Therefore, we expect the $39,500 current resistance to be broken in a clear way soon. The next minor obstacle would be the previous local high, around $40,000, meaning that a strong push higher would be needed to invite enough buyers in for a more serious rally.
Despite this, the Bitcoin price action has already established a strong base from which to rally further. The local higher low set over the last hours could soon be followed by the initial attempt to break higher, opening up the way for more upside over the next days.