Bitcoin Price Analysis: BTC sets higher low around $39,500, prepares for a rapid advance

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TL;DR Summary

  • Overnight, BTC retraced its steps.
  • The latest higher low is approximately $39,500.
  • The market is poised to hit new highs.

Bitcoin price analysis for today is positive, as a new higher bottom has been established after a pullback overnight. As a result, we anticipate BTC/USD to rise over the next 24 hours, attempting to reach new highs over $42,500.

Bitcoin Price Analysis: BTC sets higher low around $39,500, prepares for a rapid advanceHeat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the market has been in the red. Bitcoin has dropped 5.81%, while Ethereum has dropped 0.86%. The remainder of the major cryptocurrencies have lost 2% to 3% of their value.

Bitcoin’s price has retraced to $39,500 during the past 24 hours.

Over the past 24 hours, BTC/USD has moved in a range of $39,153.55 to $41,619.75, suggesting moderate volatility. The overall amount of trading has risen by 22.57 percent to $28.77 billion. Meanwhile, the entire market capitalization is approximately $737.89 billion, giving it a 46.32 percent market share.

BTC/USD 4-hour chart: BTC is gearing up for a new surge.

The Bitcoin price is creating a higher bottom on the 4-hour chart in anticipation for another effort to push higher later this week.

Bitcoin Price Analysis: BTC sets higher low around $39,500, prepares for a rapid advance4-hour chart of BTC/USD. TradingView is the source of this information.

Since the previous swing low of approximately $29,500 on July 20th, bitcoin’s price has increased by more than 40%. On the 28th of July, the previous several-week high of approximately $41,000 was achieved. 

BTC/USD surged much further during the weekend, breaking a new higher high with resistance around $42,500. Bitcoin price turned and began moving downward after a retest of the high yesterday. 

The $39,500 support level was hit overnight, and a little higher bottom was set, with bulls refusing any gains. As a result, another rally is likely to occur over the following 24 hours, with another higher high established over the $42,500 barrier.

Conclusion of the Bitcoin Price Analysis 

Bitcoin price analysis for the next 24 hours is positive, as another higher bottom has been formed around $39,500 support. As a result, we anticipate BTC/USD to surge higher this week, attempting to break above the current swing high of $42,500. 

While you’re waiting for Ethereum to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

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Emilia James
By Emilia James

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