Bitcoin Price Analysis: BTC swiftly spikes to $52,000, set to move higher today?

TL;DR Breakdown

• Bitcoin price analysis is bullish for today.
• BTC/USD saw a strong rally above $50,000 overnight.
• Bitcoin is likely to reach $53,000 today.

Bitcoin price analysis is bullish for today as the market has built up momentum over the last hours after a strong advance overnight to the $52,000 mark. Therefore, we expect BTC/USD to continue higher and reach the $53,000 mark next.

The cryptocurrency market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 2.8 percent, while Ethereum has gained 0.58 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rallies away from $50,000 support

BTC/USD traded in a range of $50,132.05 – $52,119.79, indicating strong volatility over the last 24 hours. Trading volume has increased by 19.74 percent and totals $36.86 billion. Meanwhile, the total market cap trades around $971 billion, resulting in market dominance of 41.39 percent.

BTC/USD 4-hour chart: BTC targets $53,000 next?

On the 4-hour chart, Bitcoin price action can be seen to prepare for the next move higher with a slight retracement over the last hours.

Bitcoin price has rallied by more than 75 percent over the last weeks after a new major swing low was set at $29,500 on the 20th of July. From there, BTC/USD set series of higher highs until strong resistance was found at $50,000 over the second half of August.

After retracing to $46,500 and retesting it several days later, Bitcoin had established another higher low. BTC/USD rallied again at the end of August, forming a consolidation around the $50,000 resistance.

This Bitcoin price action development resulted in slow trading yesterday until the market started to advance close to midnight. What followed was a spike to $52,000 overnight, with some retracement over the past hours. Overall, this should lead Bitcoin towards further upside later today.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as the market finally broke past the $50,000 mark in a clear way and has reached the $52,000 mark. Since the bullish momentum for BTC/USD is still strong, we expect further upside to the $53,000 resistance next.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

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