- Bitcoin price analysis is bullish today.
- BTC/USD consolidates above $60,000.
- Next significant resistance at $65,000.
Bitcoin price analysis is bullish today as consolidation was formed above $60,000 after a slight retracement yesterday from $62,000. Therefore, we expect BTC/USD to rally again over the next 24 hours and target the $65,000 next week.
The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum was down 1.54 percent. Meanwhile, Fantom (FTM) is the best performer, with a gain of over 12 percent.
Bitcoin price movement in the last 24 hours: Bitcoin retests $60,000 as support
BTC/USD traded in a range of $60,206.12 – $61,413.82, indicating low volatility over the last 24 hours. Trading volume has declined by 34 percent and totals $28.97 billion, while the total market cap trades around $1.145 billion, resulting in the market dominance of 46.29 percent.
BTC/USD 4-hour chart: BTC prepares for another rally?
On the 4-hour chart, we can see Bitcoin price action forming consolidation above $60,000, likely leading to another push higher next week.
Bitcoin price action has seen strong bullish momentum so far in October. After forming a strong swing low of around $41,000 at the end of September, a push higher was seen on the 1st of October.
BTC/USD reached previous resistance at $48,500 on 2nd of October, while second push higher took BTC to $56,000 on 7th of October. After another several-day consolidation, the third push higher began Wednesday, leading BTC above the $60,000 major price target.
Eventually, the Bitcoin price action briefly spiked above $62,000 on Friday, resulting in a slow retracement since. Over the last 24 hours, a consolidation above $60,000 has been established, indicating that we will likely see another move higher from there.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as a new local higher low was set over the last 24 hours after a slight retracement yesterday. As long as the $60,000 support holds, we expect BTC/USD to continue moving higher next week.
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