- BTC moved sideways overnight.
- Further upside rejected.
- Bitcoin is set to reverse later this week.
Bitcoin price analysis indicates bearish momentum to follow later this week as the $41,000 resistance still holds and further upside got rejected overnight. Therefore, we expect BTC/USD to start retracing over the next 24 hours and try to break below the closest $36,500 support.
The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin and Ethereum are slightly in the red, with a loss of 0.24 and 0.2 percent. The rest of the top altcoins follow with practically neutral price movement.
Bitcoin price movement in the last 24 hours: Bitcoin moves sideways around $41,000
BTC/USD traded in a range of $38,862.44 – $40,809.15, indicating mild volatility over the last 24 hours. Trading volume has decreased by 16 percent and totals $32.66 billion, while the total market cap trades around $744.55 billion, resulting in a market dominance of 48.3 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see Bitcoin price rejecting further upside overnight as bears prepare to test the $36,500 support again.
Bitcoin price action has seen almost a 40 percent rally over the past week. After BTC/USD tested the $29,500 support and quickly reversed from it, the market broke through the previous descending resistance trendline and pushed above the $36,500 resistance. After some retracement, one last spike higher took BTC to the $41,000 mark.
This resulted in a retest of previous major swing high, indicating that bulls are likely slowly building momentum to break past the resistance. However, a clear higher swing low has to be set above the $29,500 mark.
Therefore, we expect Bitcoin price to start heading lower over the rest of the week and try to move past the $36,500 support to reclaim some of the gains seen over the past week. Once that is done, Bitcoin could start to form a base from which to finally break above the $41,000 mark and start heading towards the previous all-time highs.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow later this week as further upside could not be set over the last 24 hours, resulting in a slow retracement away from the $41,000 resistance. Therefore, we expect BTC/USD to start retracing further later this week and try to move past the $36,500 support.
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