Bitcoin price analysis: BTC finally breaks higher, targets $42,000 next?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD set a strong higher low yesterday around $37,500.
• Strong push higher took the market above $40,000 over the past hours.

Bitcoin price analysis is bullish today as we have seen a strong break above the previous resistance around $39,500. BTC/USD has already reached $41,000, with the next resistance at $42,000 likely to be reached soon.

The market has seen bullish momentum return over the last 24 hours. The leader, Bitcoin, gained 4.34 percent, while Ethereum by 0.78 percent. The rest of the top altcoins have seen an even better performance, with SOL, LUNA, and ADA being the top performers.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to  $37,500, rapidly moves higher

BTC/USD traded in a range of $37,268.98 – $41,175.98, indicating strong volatility over the last 24 hours. Trading volume has spiked by 64 percent, totaling $30.4 billion. Meanwhile, the total market cap trades around $776.25 billion, resulting in a dominance of 42.47 percent.

BTC/USD 4-hour chart: BTC targets $42,000 next?

On the 4-hour chart, we can see the Bitcoin price currently rapidly advancing higher, with the $49,500 major resistance finally broken over the past hours.

Bitcoin price action has seen strong signs of trend reversal over the past days. After dropping as low as $34,500 last week, BTC/USD quickly rebounded back to $39,500 previous resistance.

From there, slow consolidation formed with a brief spike to $40,000 immediately rejected on the 26th of February, indicating more downside should follow. 

Late yesterday, BTC did quickly drop lower, touching the $37,000 mark before bulls regained control. Therefore, a strong higher low was set, indicating an upcoming push higher.

After steady trading since midnight, the Bitcoin price finally saw a strong push higher begin in the afternoon. Currently, BTC/USD has already reached $41,000, with further upside likely to follow. 

Overall, this price action development indicates that the several-week bearish trend has shifted. Therefore, we expect more higher lows and highs to be reached over the week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a strong advance over the past hours above the previous major resistance area. As long as the momentum keeps going, we should see BTC/USD reach the next major resistance at $42,000 by the end of the day.

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.

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• Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-02-28/