Bitcoin price analysis: Bitcoin consolidates around $36,000, move higher today?

TL;DR Breakdown

• BTC continued to move sideways yesterday.
• Support at $36,000 still holds.
• Next resistance at $40,000.

Bitcoin price analysis is bullish for today as the market still rejects further downside, indicating that a higher low is set and we can expect BTC/USD to move higher this week.

The overall market trades flat over the last 24 hours. Bitcoin has lost 0.69 percent, while Ethereum has gained 1 percent. Rest of the altcoin follows this pattern, with Solana (SOL) being an exception with a small gain of 7 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $35,304 – $36,790, indicating a moderate amount of volatility. Trading volume has decreased by 18.5 percent and totals $29.5 billion. Meanwhile, the total market cap stands at $675.6 billion, resulting in a market dominance of 40.87 percent 

BTC/USD 4-hour chart – BTC still calm

On the 4-hour chart, we can see the market moving sideways over the last 24 hours, indicating that a base from which to move higher later today has been established.

The overall Bitcoin price action still trades with a bearish sentiment. After a strong retracement in May, support was finally found around the $30,000 mark. From there, BTC/USD started moving sideways with the $36,000 price mark serving as the middle of the range support/resistance.

Over the past week, both a higher low and lower high was set, indicating that Bitcoin is trading in an increasingly tighter range. Therefore, until either a higher high or lower low is set, we can expect BTC/USD to trade in an increasingly tighter range.

Considering the previous price action, we can assume that bears are exhausted overall and we should see BTC/USD spike higher above the current local high of $40,000. From there, the next target is located at the $42,000 mark. Once the $42,000 resistance breaks, bulls would establish a clear signal that the several-week price action momentum has turned bullish once again.

Therefore, later this month, we expect a lot more further upside for the Bitcoin price. After the $42,000 mark is reached, indicating a higher high, we should see another higher low set. From there, traders can start to enter a long position with the expectation that the next resistance at $47,000.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the market has established a base from which to move higher around the $36,000 support. Therefore, we expect BTC/USD to push towards the next resistance target at $42,000 later this week.

While waiting for further Bitcoin price action development, read our guides on how to buy Cardano, mine Zcash, and Bitcoins left to mine.

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.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2021-06-07/