Bitcoin price analysis: BTC still holds $38,500, push higher incoming?

TL;DR Breakdown

Bitcoin price analysis is bullish today.
BTC/USD failed to move lower overnight.
Brief spike higher seen earlier.

Bitcoin price analysis is bullish today as we have seen the support area around $38,500 still preventing further downside over the last 24 hours. Therefore, we assume another higher low is set, and BTC/USD is ready to continue higher over the weekend.

Bitcoin price analysis: BTC still holds $38,500, push higher incoming? 1 — Cryptocurrency heat map. Source: Coin360

The market has seen slight bearish momentum overall. The leader, Bitcoin, has lost 1.15 percent, while Ethereum 1.36 percent. Meanwhile, Terra (LUNA) is the worst performer as it has lost almost 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates around $39,000

BTC/USD traded in a range of $38,347.43 – $40,081.68, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 15.23 percent, totaling $26.1 billion. Meanwhile, the total market cap trades around $736.6 billion, resulting in a dominance of 42.53 percent.

BTC/USD 4-hour chart: BTC fails to move higher for now

On the 4-hour chart, we can see the Bitcoin price rejecting upside over the past hours, likely leading to more consolidation.

Bitcoin price analysis: BTC still holds $38,500, push higher incoming? — BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong rally during the first days of the week. The new high was set around $42,500 during the middle of the 9th of March, with swift retracement following the next 24 hours.

Support was found around $38,500, meaning a higher low is set. After further tests of the downside, BTC/USD continued to consolidate around $39,000, further indicating that reversal is forming.

Therefore, the Bitcoin price action should see a reversal soon. Once the current high of $40,400 gets broken, BTC/USD should see a quick spike higher later in the weekend.

Bitcoin price analysis: Conclusion

Bitcoin price analysis is bullish today as we have seen clear support at $38,500 over the last 24 hours to prevent further downside. However, BTC/USD is yet to make a significant rally higher, meaning more consolidation should follow over the next 24 hours.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-03-11/