Bitcoin Price Analysis: BTC swiftly sets higher high above $58,000, more upside to follow?

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TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another rally overnight.
  • Closest resistance at $59,000.

Bitcoin price analysis is bullish today as a new higher high was set today, indicating that bullish momentum is still strong. Therefore, we expect BTC/USD to rally further over the next 24 hours.

Bitcoin Price Analysis: BTC swiftly sets higher high above $58,000, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 3.35 percent, while Ethereum increased by 8.67 percent. Polkadot (DOT) is the top performer, with a gain of almost 17 percent.

Bitcoin price movement in the last 24 hours: Bitcoin moves above $58,000

BTC/USD traded in a range of $55,803.69 – $58,478.74, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $41.3 billion, while the total market cap trades around $1.08 trillion, resulting in the market dominance of 45.28 percent.

BTC/USD 4-hour chart: BTC to retrace before further upside?

On the 4-hour chart, we can see some slowdown for the Bitcoin price action over the past hours, indicating that a slight retracement could be seen before further upside is attempted.

Bitcoin Price Analysis: BTC sets higher high above $58,000, more upside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong gain so far in October. After breaking out of the previous consolidation area below $44,000, BTC/USD saw several waves higher until the $56,000 mark was reached on the 7th of October.

What followed was a consolidation below the resistance for several days before another push higher was seen on Monday. BTC/USD reached the $58,000 mark and saw a slight retracement from there.

Bullish momentum took over from the $54,000 mark yesterday, resulting in a rally higher again. Overnight, a new higher high was set around $58,500, indicating that the market structure is still bullish.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a new higher high was set overnight. However, a slight retracement could be seen later today before bullish momentum returns.

Source: cryptopolitan.com

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