Bitcoin price analysis: Bitcoin retraces to $36,000, prepares to push higher

On Friday the 15th of Feburary 2017, bitcoin, the world’s largest cryptocurrency, underwent a massive breakout on the price charts. At the time of writing (15:45:00 GMT) bitcoin is trading at an average price of just over $36,000, yet it has since retraced and is currently trading at a price of just over $36,000. Will this be the weekend when bitcoin breaks its all time high or will it continue to retrace?

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Bitcoin, the once-promising cryptocurrency that is yet to fully live up to its potential, is currently trading at $36,000. The market has seen a 200% increase this year alone, and is up over 200% from its 2014 lows.

Bitcoin (BTC) has been on a wild ride recently, with a couple days of upwards movement followed by a retracement. The dip below $36,000 was followed by a double top, suggesting a long-term bullish continuation.. Read more about bitcoin price correction and let us know what you think.

Summary of the situation

  • Yesterday, BTC tested the $40,000 mark.
  • Support is at the $36,000 level.
  • The next resistance is at $42,000.

The bitcoin price analysis for today is bullish as the market has pulled back to test the $36,000 support level and is currently gearing up for a higher move. Therefore, we expect BTC/USD to make a higher high over the weekend and push towards the next major resistance at $47,000. Crypto-currency heat map. Source: Coin360 The general market has moved into negative territory over the past 24 hours. Bitcoin lost 5.45 percent and Ethereum lost 7.25 percent. The rest of the altcoins follow this pattern of bearish price action. BTC/USD opened at $39.248 after yesterday’s bullish close. Since then, the market has retreated to the $36,000 level and is preparing to set a new higher bottom from which to move.

Bitcoin price movements in the last 24 hours

BTC/USD traded in a range of $36,322 to $39,478, indicating moderate volatility. Trading volume rose 9.33% in 24 hours to $38.9 billion. The company has a total market value of approximately $688.7 billion, giving it a market dominance of 42%.

4-Hour Chart BTC/USD – Bitcoin recovers to $36,000

On the 4-hour chart we can see that the market has been falling for the past few hours and has found support at $36,000. From here, we expect the price of bitcoin to continue to rise and reach $42,000. Four hourly chart BTC/USD. Source: TradingView word-image-669 The market as a whole is starting to turn upwards after consolidating in an increasingly narrow range in recent weeks. With the price of bitcoin unable to move downward and some higher lows, we expect BTC to move up in the coming week. Currently, the next resistance lies in the $40,000 area, the breakout of which should lead to a high above $42,000. From now on, bitcoin’s price structure will become increasingly bullish and aim to break through the previous high of $60,000. However, if the current support at $36,000 is broken, we are likely to see the BTC/USD price structure struggle further in the coming days before another attempt at a higher move is made.

Bitcoin price analysis: Supplement

Bitcoin’s price analysis is bullish, as the market has moved higher in recent days and made a low high last night. Therefore, we can expect BTC/USD to break above the next target at $42,000 over the weekend. In anticipation of a further rise in the price of bitcoin, read our guide on how to invest in bitcoin, how many bitcoins are left to mine, and the dominance of bitcoin. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin is in a tighter price range than some of the other major altcoins, which is the reason why we’ve been seeing a lot of $36.000 rallies today. This $36.000 price target represents the level we anticipate bitcoin will consolidate around in the near-term. Assuming $36.000 holds, the significant support zone is around the $33.000 mark.. Read more about jpmorgan bitcoin gold and let us know what you think.

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