TL;DR Failure

  • Today’s bitcoin price analysis is bullish.
  • BTC / USD failed to move lower overnight.
  • The brief spike seen earlier.

Today's bitcoin price analysis is bullish as we have seen a support area around $38,500 still preventing further declines over the last 24 hours. Therefore, we assume that another higher low is set and that BTC/USD is poised to continue higher over the weekend.

Cryptocurrency heat map. Source: Coin360

The market in general saw a slight bearish momentum. Leader Bitcoin is down 1.15%, while Ether is down 1.36%. Meanwhile, Terra (LUNA) is the worst performer as it has fallen nearly 9%.

Bitcoin price action over the past 24 hours: Bitcoin consolidating around $39,000

BTC/USD traded in a range of $38,347.43 to $40,081.68, indicating moderate volatility in the last 24 hours. Trading volume fell by 15.23% to a total of $26.1 billion. Meanwhile, the total market capitalization stands at about $736.6 billion, or 42.53% dominance.

BTC / USD 4-hour chart: BTC is currently failing to move higher

On the 4-hour chart, we can see that the bitcoin price has refused to rise in the last few hours, which could lead to more consolidation.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw a strong rally in the first few days of the week. New highs were hit around $42,500 in the middle of March 9 and were quickly retraced after the next 24 hours.

Support is around $38,500, which means a higher low is set. After further tests to the downside, BTC / USD continues to consolidate around $39,000, further indicating that a reversal is in the making.

As a result, the bitcoin price action should reverse soon. Once the current high of $40,400 is broken, BTC/USD should see a quick spike later in the weekend.

Bitcoin Price Analysis: Conclusion

Today's bitcoin price analysis is bullish as we have seen clear support at $38,500 in the last 24 hours to prevent further declines. However, BTC/USD has yet to rise sharply, which means more consolidation should occur over the next 24 hours.

While we wait for further developments in Ether, see our articles on the cryptocurrency Launchpad, DeFi 101, and what you should know about DAO.

Disclaimers. The information provided is not trading advice. Cryptopolitan.com assumes no responsibility for any investments made based on the information provided on this page. We strongly recommend conducting independent research and/or consulting with qualified professionals before making any investment decisions.