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Bitcoin price analysis is bullish for today as the market has retraced over the past 24 hours. The bulls are getting ready to push the market higher to reach the $40,000 major resistance.
The overall market trades with mixed results over the last 24 hours. Bitcoin has decreased by 2.76 percent, while Ethereum remains almost flat. The rest of the altcoin market trades with similar, low volatility results.
BTC/USD is trading in a range of $33,112 – $35,197, indicating a moderate amount of volatility. Trading volume has increased by 16.12 percent and totals $38.8 billion. The total market cap stands at around $632.4 billion, resulting in a market dominance of 45.3 percent.
On the 4-hour chart, we can see the Bitcoin price moving lower over the past 24 hours to establish a higher low from which to move higher later this week.
The overall market trades within a neutral price action movement over the past weeks with strong support around $31,000 and resistance around $38,000. Last week, we saw BTC/USD retest the $31,000 support and set a slightly higher low, indicating further upside.
This price action development resulted in Bitcoin moving higher over the past few days and set further indicating that bulls are gaining momentum. Yesterday Bitcoin saw a slight retracement to the $33,000 mark, where a higher low could be established.
The next target to the upside is the $38,000 resistance, which, if broken, could lead to a lot more upside over the following weeks. However, we could still see further downside over the next 24 hours if the $33,000 support fails to hold.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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