- Bitcoin price analysis is bullish today.
- BTC/USD found support at $63,000 again.
- Bullish momentum slowly returns.
Bitcoin price analysis is bullish today as we saw another rejection for further downside below the $63,000 mark yesterday. Therefore, BTC/USD will likely rally higher again, with the $65,000 area targeted next.
Cryptocurrency heat map. Source: Coin360
The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 0.84 percent, while Ethereum 1.35 percent. Meanwhile, the rest of the top altcoins are up by 2-4 percent.
Bitcoin price movement in the last 24 hours: Bitcoin moves higher after a quick spike below $63,000
BTC/USD traded in a range of $62,333.91 – $64,441.69, indicating mild volatility over the last 24 hours. Trading volume has declined by 14.83 percent and totals $31.36 billion, while the total market cap trades around $1.21 trillion, resulting in market dominance of 43.44 percent.
BTC/USD 4-hour chart: BTC prepares to rally again?
On the 4-hour chart, we can see the Bitcoin price action currently consolidating above $63,000, likely leading to another move higher later today.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price has seen bearish momentum return over the past days. After a strong spike higher early on Monday, BTC/USD set a new all-time high at $68,550 a day later.
After a slight retracement, the resistance was retested again on Wednesday, establishing a double top pattern before a sharp drop lower followed. BTC/USD lost around 8 percent until support was found at $63,000.
From there, the following reaction took the Bitcoin price above $65,000. After some consolidation, bearish momentum returned, resulting in another drop lower to $63,000. Since downside was rejected again, we expect BTC/USD to rally higher from there, likely looking to move above the $65,000 resistance.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we expect further upside to follow after a retest of $63,000 support yesterday. BTC/USD likely will look to move above $65,000 next as resistance was seen there earlier this week.
While waiting for Bitcoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
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