Today’s bitcoin price analysis heads higher as we expect a recovery to follow after opening a fresh low of $39,200 and overnight consolidation to follow. BTC/USD is likely to regain ground soon and bounce back above $40,000, paving the way for more growth.
The market has been trading with low volatility for the last 24 hours. The best-performing Bitcoin was up 1.12 percent, while Ethereum was up just 0.44 percent. Other top altcoins are observing similar steady price movements.
Bitcoin price action in last 24 hours: Bitcoin opens new low at $39.22
BTC/USD has been trading in the $39,321.69-$39,935.86 range and has shown little volatility over the last 24 hours. Trading volume fell 63.35 percent, totaling $18 billion, while the total market capitalization stood at $758.9 billion, resulting in a 40.85 percent dominance.
BTC/USD 4-hour chart: BTC seems to be back above $40,000?
On the 4 hours chart we can see the consolidation slowly turning upwards as the sellers are finally exhausted.
Bitcoin price action has continued to decline over the past week. After some consolidation over the past week, another brief bounce was seen on April 18, 2022, taking the current swing to a low of $38,600.
Another surge followed shortly after BTC/USD surged above the previous local high of $41,500. Later in the week, gains managed to push BTC to as low as $43,000, indicating that gains are slowly following a multi-week trend.
Since then, Bitcoin price action has attempted to move lower only to find support at $39,200, meaning a higher low has been set. Unless this support is broken, BTC/USD will soon see a trend reversal.
Bitcoin Price Analysis: Conclusion
Today’s bitcoin price analysis is bullish as we have seen strong support at $39,200 over the last 24 hours, therefore BTC/USD looks set to reverse and recoup some of the losses in recent days.