Bitcoin price analysis: BTC ready to test $46,000?

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TL;DR Breakdown Bitcoin price analysis is bullish today. BTC/USD retraced to $43,000 yesterday. Sideways momentum is seen since. Bitcoin price analysis is bullish today as we expect another attempt to push higher to follow after a higher low was set yesterday. Likely BTC/USD will move to the next resistance at $46,000 next. The market has … Read more

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD retraced to $43,000 yesterday.
  • Sideways momentum is seen since.

Bitcoin price analysis is bullish today as we expect another attempt to push higher to follow after a higher low was set yesterday. Likely BTC/USD will move to the next resistance at $46,000 next.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The market leader, Bitcoin, has gained 2.72 percent, while Ethereum has 5.41 percent. Ripple (XRP) is among the top gainers, with an almost 10 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin consolidated above $43,000

BTC/USD traded in a range of $42,807.84 – $44,371.85, indicating substantial volatility over the last 24 hours. Trading volume has declined by 21.16 percent, totaling 24.83 billion, while the total market cap trades around $836.4 billion, resulting in a market dominance of 41.34 percent.

BTC/USD 4-hour chart: BTC looks to test upside again

On the 4-hour chart, we can see the Bitcoin price testing upside after a clear higher low was set yesterday.

Bitcoin price analysis: BTC ready to test $46,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong advance over the past week. After previously failing to break the $38,500-$39,000 price area, BTC/USD saw a massive gain on the 4th of February.

Initially, resistance was found below $42,000, with a further push higher to $45,000 seen on the 7th of February. From there, BTC quickly reacted lower, retracing to $43,000 and setting a clear local higher low.

Since then, the Bitcoin price action has consolidated below $44,000 resistance, with no signs of further decline for now. Therefore, we expect BTC/USD to continue to make attempts to move even higher over the next 24 hours.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a strong higher low set yesterday, and consolidation has been formed since. Likely BTC/USD will push to the next resistance at $46,000 in case more upside follows.

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.

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