Bitcoin Price Analysis: BTC swiftly sets higher high above $58,000, more upside to follow?

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another rally overnight.
  • Closest resistance at $59,000.

Bitcoin price analysis is bullish today as a new higher high was set today, indicating that bullish momentum is still strong. Therefore, we expect BTC/USD to rally further over the next 24 hours.

Bitcoin Price Analysis: BTC swiftly sets higher high above $58,000, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 3.35 percent, while Ethereum increased by 8.67 percent. Polkadot (DOT) is the top performer, with a gain of almost 17 percent.

Bitcoin price movement in the last 24 hours: Bitcoin moves above $58,000

BTC/USD traded in a range of $55,803.69 – $58,478.74, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $41.3 billion, while the total market cap trades around $1.08 trillion, resulting in the market dominance of 45.28 percent.

BTC/USD 4-hour chart: BTC to retrace before further upside?

On the 4-hour chart, we can see some slowdown for the Bitcoin price action over the past hours, indicating that a slight retracement could be seen before further upside is attempted.

Bitcoin Price Analysis: BTC sets higher high above $58,000, more upside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong gain so far in October. After breaking out of the previous consolidation area below $44,000, BTC/USD saw several waves higher until the $56,000 mark was reached on the 7th of October.

What followed was a consolidation below the resistance for several days before another push higher was seen on Monday. BTC/USD reached the $58,000 mark and saw a slight retracement from there.

Bullish momentum took over from the $54,000 mark yesterday, resulting in a rally higher again. Overnight, a new higher high was set around $58,500, indicating that the market structure is still bullish.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a new higher high was set overnight. However, a slight retracement could be seen later today before bullish momentum returns.

While waiting for Bitcoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

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