Bitcoin price analysis: Bitcoin spikes above $40,000, ready to breach $42,000 next? 

Description

TL;DR Breakdown BTC pushed higher overnight. Resistance at $40,000 broken. Next target at $42,000. Bitcoin price analysis is bullish for today as the market spiked higher overnight and breached the $40,000 resistance over the past hours. Therefore, we expect BTC/USD to move higher to the $42,000 mark later today. The overall market trades with a … Read more

TL;DR Breakdown

  • BTC pushed higher overnight.
  • Resistance at $40,000 broken.
  • Next target at $42,000.

Bitcoin price analysis is bullish for today as the market spiked higher overnight and breached the $40,000 resistance over the past hours. Therefore, we expect BTC/USD to move higher to the $42,000 mark later today.

Cryptocurrency heat map. Source: Coin360

The overall market trades with a huge gain over the last 24 hours. Bitcoin is up by 13 percent, while Ethereum by 9 percent. Rest of the altcoin market follows this pattern of substantial gain.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $35,730 – $40,773, indicating a moderate amount of volatility. Trading volume has spiked by 58 percent and totals $49.2 billion. Meanwhile, the total market cap stands at $759 billion, resulting in a market dominance of 43.81 percent.

BTC/USD 4-hour chart – BTC spiked above $40,000

On the 4-hour chart, we can see bulls moving the Bitcoin price higher overnight and breaching the $40,000 resistance.

Bitcoin price analysis: Bitcoin spikes above $40,000, ready to breach $42,000 next?
BTC/USD 4-hour chart. Source: TradingView

The overall market price action structure has become increasingly bullish over the last 24 hours as a new high thigh was set earlier today. This was a result of a final retest for further downside on 7th of June around the $31,000 mark.

After a rally to the $38,000 level, BTC/USD retraced again and found support at the $35,000 support. After some consolidation around the support, the Bitcoin price started to rapidly move higher late yesterday and reached the $40,000 resistance overnight.

What followed was another brief consolidation below the $40,000 resistance, with a break higher seen over the past hours. Therefore, bulls are still in control and we should see further upside to the $42,000 during the remainder of today.

After the $42,000 resistance is reached, BTC/USD will likely retrace to set another higher low, which could then be used to enter the market. Once BTC retraces, we can expect bulls to target the $47,000 resistance next, meaning a good potential profit opportunity over the next week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as bulls continue pushing BTC/USD above the $40,000 with the next resistance at $42,000 in sight. Therefore, a strong high thigh has been set and we can expect the overall market price action structure to continue moving higher.

While waiting for further Bitcoin price action development, read our guide on How to trade, cash out, and buy Bitcoin stock.

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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