Bitcoin price analysis: BTC swiftly returns above $40,000, looks to retrace further?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD set a higher low at $39,600 yesterday.
• Buying pressure returned overnight.

Bitcoin price analysis is bullish today as the market has set another local higher low and pushed above $40,000. Likely BTC/USD will retrace even further and look to test the $42,000 mark next.

The market has moved in the green over the last 24 hours. The leader, Bitcoin, gained 1.34 percent, while Ethereum gained 0.53 percent. Meanwhile, Ripple (XRP) was among the top performers, with over a 7 percent gain.

Bitcoin price movement in the last 24 hours: Bitcoin prepares for another push higher

BTC/USD traded in a range of $39,695.74 – $40,617.72, indicating mild volatility over the last 24 hours. Trading volume declined by 6.66 percent, totaling $23.14 billion, while the total market cap traded at $769.7 billion, resulting in a dominance of 40.91 percent. 

BTC/USD 4-hour chart: BTC looks to return above $41,000?

On the 4-hour chart, we can see buying pressure throughout the day, indicating that more upside will be tested over the weekend.

Bitcoin price action has continued to decline this week. From the last local swing high at $43,500, BTC/USD quickly lost almost 10 percent to the $39,200 mark, where clear support was found at the beginning of the week.

From there, consolidation followed before quick retracement to $41,600 setting the current local high. Yesterday, selling pressure returned, taking BTC/USD towards its previous low. However, another higher low was set.

Therefore, the Bitcoin price action is not yet ready to decline further. Likely we will see another push high rover the weekend, with the next potential resistance target at $42,000.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as the market has set a higher local low and moved back above the $40,000 mark. Therefore, we expect more upside to follow and further retracement from the previous loss to take place over the weekend.

While waiting for Bitcoin to move further, see our articles on Web3 Startups, How to buy Terra, and How to stake Algorand.