TL;DR Breakdown
- Bitcoin price analysis is bullish today.
- Support at $40,000 slowed BTC/USD yesterday.
- Consolidation was seen overnight.
Bitcoin price analysis is bullish today as we expect the $40,000 mark to reverse the market over the next 24 hours. Likely BTC/USD will regain some of the loss and look to set another lower high around $41,750 previous support turned resistance.
The market has seen slight bearish momentum over the last 24 hours. Bitcoin remained relatively stable, with a loss of 0.95 percent, while Ethereum declined a more substantial 1.41 percent. Ripple (XRP), on the other hand, has moved counter to the overall market and has managed to gain almost 8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin fails to break $40,000, forms consolidation
BTC/USD traded in a range of $39,637.62 – $40,594.53, indicating mild volatility over the last 24 hours. Trading volume has declined by 25.3 percent, totaling $20 billion. Meanwhile, the total market cap trades around $757.25 billion, resulting in a dominance of 41.96 percent.
BTC/USD 4-hour chart: BTC set to reverse?
On the 4-hour chart, we can see the Bitcoin price action failing to reach further downside over the last 24 hours, likely leading to a reversal later in the weekend.
Bitcoin price action has managed to show strength during the first half of February. After peaking at $46,000 on the 10th of February, BTC/USD retraced to form another higher low around $41,750, potentially indicating more upside will follow.
Another push higher followed on the 15th of February, leading to previous resistance around $44,500 tested. This time, bulls lacked the momentum to set further highs, leading to a clear lower high established as the market consolidated during the middle of the week.
Selling resumed on Thursday, leading to a local low at $41,750. Not much support was offered there, letting bears quickly push the price of Bitcoin even lower.Â
Yesterday, signs of support were finally seen around the $40,000 major support/resistance level. The market has since only slightly dipped below the support, forming a consolidation area over the last 24 hours. Potentially, this Bitcoin price action structure will lead to reversal over the next 24 hours.
Once the bulls take over, the first obvious area of resistance is located around $41,740 previous support, turned resistance. Further resistance is close by – at the $42,500. Therefore, this is a key area to look for for a new lower high.
Bitcoin price analysis: ConclusionÂ
Bitcoin price analysis is bullish today as we expect a reversal from the $40,000 major support level. Likely BTC/USD will move to set another lower high, with the next resistance area seen around $41,750-$42,500 previous consolidation area.
While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
