Bitcoin price analysis: BTC moves higher, targets $40,000 next?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD continued higher overnight.
• $38,000 mark currently tested.  

Bitcoin price analysis is bullish today as we expect the market to continue higher after a higher low was set at $36,000 on Thursday. Since then, ETH/USD has slowly traded higher, likely leading to spike higher later in the weekend.

The crypto market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, traded with 1.88 and 2.48 percent gain, respectively. Meanwhile, the rest of the top altcoins follow with similar performance.

Bitcoin price movement in the last 24 hours: Bitcoin slowly trades towards previous high

BTC/USD traded in a range of $36,211.11 – $37,952.88, indicating moderate amount of ovlatility over the last 24 hours. Trading volume has declined by 20.54 percent, totaling $19.8 billion. Meanwhile, the total market cap trades around $715.8 billion, resulting in a dominance of 41.71 percent.

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

On the 4-hour chart, we can see the Bitcoin price action approaching previous high as buyers continue dominating today.

Bitcoin price has seen strong higher high set this week. After previously spiking to $33,000 and setting slightly lower low on the 24th of January, BTC/USD quickly reversed.

On Wednesday, new high at $39,000 was reached, indicating bullish momentum returning again. Since then, BTC/USD has retraced to $36,000, where a higher low was set later in the week. 

Over the past 24 hours, Bitcoin price has started to edge higher again. Currently the $38,000 mark is tested, with break higher likely to be seen soon. From there, we can expect BTC to spike to $40,000 as it is the next major resistance target.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen more upside over the last 24 hours lead to the $38,000 mark. Likely BTC/USD will break the previous high and target the $40,000 mark by the end of the weekend.

While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.