Bitcoin price analysis: BTC forms consolidation around $46,000, a test of upside next?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD formed another lower high.
• Quick spike lower seen over the past hours. 

Bitcoin price analysis is bullish today as we have seen another quick drop slightly below $46,000. Likely BTC/USD is ready to push higher once again to attempt to break out of the current consolidation.

The market has turned bullish again over the last 24 hours. The leader, Bitcoin, has gained 0.63 percent, while Ethereum has gained 0.6 percent. Meanwhile, Dogecoin (DOGE) has performed the best with over a 22 percent gain.

Bitcoin price movement in the last 24 hours: Bitcoin forms a symmetrical triangle pattern

BTC/USD traded in a range of $45,235.82 – $47,106.14, indicating substantial volatility over the last 24 hours. Trading volume has increased by 6.08 percent, totaling $31.2 billion, while the total market cap trades at $870.33 billion, resulting in a dominance of 40.84 percent.

BTC/USD 4-hour chart: BTC/USD looks to break higher?

On the 4-hour chart, we can see another higher low set, indicating another test of upside should follow overnight.

Bitcoin price stagnated over the past few days after a new high was reached at $48,000 on the 28th of April. From there, BTC/USD quickly declined over 8 percent and set a higher low at around $44,500.

Since then, the market has consolidated around $46,000, setting lower highs along the way. Late yesterday, a higher local low was also set, indicating a symmetrical triangle pattern formed.

Therefore, to predict where BTC/USD is headed next, a clear break either above or below the consolidation triangle is needed. Considering the price action over the past hours, another spike higher should soon be seen. If a higher high can be reached, the Bitcoin price should see more upside later in the week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as another drop to the previous low was seen over the past hours. Therefore, support has likely been found, and BTC/USD is headed to test the descending trendline of resistance again. 

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