Bitcoin price analysis is bullish today as we have seen another retest of $29,000 support turn into consolidation. Therefore, BTC/USD is slowly pivoting back to the upside and will look to set a higher local high next.
De Maart huet an de Gréngen an de leschten 24 Stonnen gehandelt. De Leader, Bitcoin, huet 2.11 Prozent gewonnen, während Ethereum ass geännert ginn +2.42% am Verglach mat gëschter. Mëttlerweil, Binance Coin (BNB), Kardan (ADA), and Avalanche (AVAX), among others, are the top performers of the day.
Bitcoin Präisbewegung an de leschten 24 Stonnen: Bitcoin konsolidéiert iwwer $29,000
BTC/USD traded in a range of $28,793.61 to $29,588.87, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 32.43 percent, totaling $20.66 billion, while the total market cap trades around $562.5 billion, resulting in a dominance of 44.5 percent.
BTC/USD 4-hour chart: BTC looks to return higher?
On the 4-hour chart, we can see bullish momentum slowly taking over again as the $29,000 mark has offered strong support.
Bitcoin price action has seen sideways consolidation over the last week as further retracement was impossible. Resistance was initially found at $31,000 and retested several times since.
Additionally, support was found and retested at $29,000, meaning that a consolidation range has been formed. This means that the medium-term market direction is unclear until a clear break to either side is made.
However, considering that the $29,000 current support was just retested, we should see another push higher over the next 24 hours. The momentum at which the Bitcoin price can rally should determine whether a break higher will happen.
Bitcoin Präisanalyse: Conclusioun
Bitcoin price analysis is bullish as we have seen failure to continue lower and consolidation formed above $29,000 support. Therefore, BTC/USD is ready to attempt another push higher, potentially setting a higher local high.
Wärend op Bitcoin waart fir weider ze réckelen, kuckt eis Artikelen iwwer wéi Dir kaaft BTT, Verlängeren, an CRO Mënzen.
Quell: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-05-21/