Bitcoin price analysis: BTC swiftly rallies 10%, targets more upside above $42,000?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD broke out of the previous consolidation overnight.
• Next resistance at $42,000 currently tested.

Bitcoin price analysis is bullish today as we have seen strong buying pressure so far, leading back to the $42,000 major resistance. Therefore, we expect more upside to follow, likely to the $45,000 next resistance.

The market has moved in the green over the last 24 hours. The leader, Bitcoin, gained over 10 percent, while Ethereum 8,64 percent. The rest of the market also saw a rapid increase, with LUNA and WAVES being among the best performers.

Bitcoin price movement in the last 24 hours: Bitcoin begins to rally, breaks past $42,000

BTC/USD traded in a range of $38,235.74 – $42,362.51, indicating strong volatility over the last 24 hours. Trading volume has increased by almost 20 percent, totaling $37.5 billion, while the total market cap trades around $803.95 billion, resulting in a dominance of 43.45 percent.

BTC/USD 4-hour chart: BTC targets $45,000 next?

On the 4-hour chart, we can see bullish momentum still pushing the Ethereum price higher, likely meaning bulls are not yet exhausted.

Bitcoin price has seen a strong decline over the stary of February. After over a 17 percent drop from the $45,600 swing high, signs of support appeared around the $38,000 mark over the weekend.

Further downside was quickly rejected on Sunday, leading to consolidation below $39,500 resistance yesterday. Overnight, bulls gathered momentum to break the resistance, leading to a massive spike higher, with the $42,000 previous support/resistance level reached earlier today.

Since then, the Bitcoin price action has managed to break higher with no clear rejections as of now. Therefore, we expect BTC/USD to continue even higher later today, with the next major target located as high as the $44,500 – $45,000 price area.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a strong reversal from the previous low quickly, leading back to the $42,000 resistance. Sellers are still not seen, meaning BTC/USD is likely free to test further upside later today.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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• Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-03-09/