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Bitcoin Price Analysis today: Breaking Local Highs above the $46k

Bitcoin price analysis today votes in the favor of Bulls being in power, turning it all green and Bears seem to leave the yard. Bitcoin has big rallies coming successfully smashing local highs.

The live Bitcoin price today is $46,423.08 with a 24-hour trading volume of $33,847,116,119. Bitcoin is up 2.39% in the last 24 hours, with a live market cap of $871,972,843,429. Yesterday bitcoin broke through the trend line and tested it as resistance, corrected by just 2%, after which the move was quickly bought out. During the fall, there was a noticeable increase in volume, which signaled a reversal of the move. As a result, the price is again near its local high.

 

Bitcoin Price Analysis Today
Source: TradingView

Bitcoin Price Analysis today: Technical

On the chart, you can see the local accumulation. At the moment the price is above the accumulation zone, with a high probability Bitcoin’s price can go even higher. Collect stop losses above the local high and keep moving towards the upper liquidity zone. Volume is quite noticeable however there is a minor Bearish Divergence but the price rally won’t bother about it apparently and break above the blue resistance line. Once the price breaks above that line the resistance will turn into significant support. This support will play a significant role to help Bitcoin price break above the $50,000 mark where we have a Fib retracement level of 1.4.

The above is a personal market judgment based on published information and historical chart data on Tradingview, all analysis is only subjective. DYOR!

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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