BTC continues to consolidate, prepares to break above $40,000?
Bitcoin price movement in the last 24 hours: Bitcoin moves sideways
BTC/USD traded in a range of $39,422.26 to $39,935.86, indicating low volatility over the last 24 hours. Trading volume has declined by 32.46 percent, totaling $15.7 billion, while the total market cap trades at $750.74 billion, resulting in a dominance of 40.97 percent.
BTC/USD 4-hour chart: BTC ready to break above $40,000?
On the 4-hour chart, we can see the Bitcoin price action rejecting the downside again over the last hours, likely leading to a break higher early next week.
The Bitcoin price action has seen a higher high set this week after an 11 percent rally to the $43,000 mark. From there, strong rejection for further upside was seen on 21 April 2022, followed by retracement over the next few days.
BTC/USD quickly lost 8.5 percent to the $39,200 support, where the market has formed consolidation since. Considering the strong support right now, we expect that another higher low has been set, and more upside will follow soon.
Likely, once the Bitcoin price action moves back above $40,000, a lot more upside will follow. The next target of local resistance is relatively close by – at $46,000 and, if broken, would further indicate another strong rally incoming over the next week.
BTC/USD traded in a range of $39,422.26 to $39,935.86, indicating low volatility over the last 24 hours. Trading volume has declined by 32.46 percent, totaling $15.7 billion, while the total market cap trades at $750.74 billion, resulting in a dominance of 40.97 percent.
BTC/USD 4-hour chart: BTC ready to break above $40,000?
On the 4-hour chart, we can see the Bitcoin price action rejecting the downside again over the last hours, likely leading to a break higher early next week.
The Bitcoin price action has seen a higher high set this week after an 11 percent rally to the $43,000 mark. From there, strong rejection for further upside was seen on 21 April 2022, followed by retracement over the next few days.
BTC/USD quickly lost 8.5 percent to the $39,200 support, where the market has formed consolidation since. Considering the strong support right now, we expect that another higher low has been set, and more upside will follow soon.
Likely, once the Bitcoin price action moves back above $40,000, a lot more upside will follow. The next target of local resistance is relatively close by – at $46,000 and, if broken, would further indicate another strong rally incoming over the next week.
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