Bitcoin price analysis is bullish today as we expect another test of upside to follow after a higher low set at $29,500. Therefore, BTC/USD should be ready to rally higher again and test the $32,000 next major resistance over the next days.
The market has traded in the red over the last 24 hours as retracement was seen across the board. The leader, Bitcoin, lost 2.5 percent, while Ethereum lost 4.03 percent. Meanwhile, Avalanche (AVAX) was among the worst performers, with over 7.5 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin retraces to $29,500, forms consolidation
BTC/USD traded in a range of $29,251.89 to $31,308.19, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 27.05 percent, totaling $32.54 billion, while the total market cap trades around $560.39 billion, resulting in market dominance of 44.38 percent.
BTC/USD 4-hour chart: BTC prepares to rally?
On the 4-hour chart, we can see consolidation established since morning, indicating that BTC is ready to continue higher over the next 24 hours.
Bitcoin price action saw a strong reaction higher during the middle of last week when the $25,500 support was briefly tested. From there, BTC/USD quickly recovered to $31,000 on 13 May 2022.
However, more downside did not follow as only a slight push lower was achieved to the $28,600. Yesterday, Bitcoin pushed higher, setting a slightly higher high above $31,000 and confirming that the retracement is not over yet.
Therefore, the current small decline to the $29,500 should soon turn into another push higher. Likely, Bitcoin price will set even further local highs over the next days before selling pressure can return.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen retracement to $29,500 and another higher local low set. Therefore, BTC/USD is ready to rally further and target the $32,000 next major resistance to retrace even more from the previous week’s losses.
While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.
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