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20 September 2021
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Bitcoin Price Analysis: BTC rapidly breaks $46,500, further upside to follow?

Bitcoin price analysis is bullish today as the market broke past the $46,500 resistance and currently trades with a higher high of around $47,500. Therefore, we expect BTC/USD to continue higher today and look to reach further highs.

Bitcoin Price Analysis: BTC rapidly breaks $46,500, further upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a slight gain over the last 24 hours. The market leader, Bitcoin, is up by 2.19 percent, while Ethereum is up by 2.02 percent. Polkadot (DOT) is the worst performer, with a loss of 7.15 percent.

Bitcoin price movement in the last 24 hours: Bitcoin breaks past $46,500 resistance.

BTC/USD traded in a range of $46,210.87 – $47,665.88, indicating strong volatility over the last 24 hours. Trading volume has decreased by 24.97 percent and totals $2.5 billion, while the total market cap trades around #839.7 billion.

BTC/USD 4-hour chart: BTC looks to rally further?

On the 4-hour chart, we can see the Bitcoin price continuing to rally today as bulls are yet to lose their momentum.

Bitcoin Price Analysis: BTC sets a higher high, further upside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong volatility this month. After rallying to $53,000 on the 7th of September, a sharp reversal followed over the next 24 hours.

BTC/USD lost almost 20 percent initially until it stabilized below $46,500. From there, several days of bearish momentum followed as bears looked to retest the previous low.

On the 13th of September, the Bitcoin price action stabilized and found support at $44,000. From there, BTC rallied over the last 24 hours and broke past the $46,500 resistance, indicating bullish momentum returning in the market.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a new higher high was set earlier today above $46,500. Therefore, we expect BTC/USD to continue higher later today, with the $48,000 as the next target.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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