- BTC found support above $42,000 yesterday.
- The previous high around $42,500 retested.
- Further retracement to follow today.
Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside was rejected overnight and bullish momentum has been lost. Therefore, we expect BTC/USD to move lower early next week and attempted to establish another higher low.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, has remained flat with a small loss of 5 percent, while Ethereum has gained almost 6 percent. Polkadot (DOT) is among the best performers, with a gain of 14.8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin retests the $42,500 mark
BTC/USD traded in a range of $41,110.83 – $42,541.68, indicating mild volatility over the last 24 hours. Trading volume has decreased by 29.7 percent and totals $22.89 billion. Meanwhile, the total market capitalization trades around $776.5 billion, resulting in market dominance of 47.11 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see the Bitcoin price action rejecting further upside which should lead towards a retracement early next week.
Bitcoin price action continued to rally this week after a swing low was established around $29,000. From there, BTC/USD broke past the several-week descending resistance trendline and spiked above $35,000 resistance.
This price action development resulted in a gain of over 45 percent, with the previous several-month high of $41,000 broken on Friday. Yesterday, Bitcoin price rallied further and reached the $42,500 mark.
From the $42,500 mark, Bitcoin retraced to retest $41,000 resistance turned support. Overnight, another attempt to push above $42,500 was made. However, any further upside was quickly rejected, and BTC/USD returned to the $41,000 support.
Therefore, we can assume that Bitcoin price action has lost its bullish momentum again, and a retracement is needed early next week. Most likely, we will see another higher low set above the $39,000 price area. From there, BTC/USD should rally once again and try to reach further upside.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside could not be set overnight. Therefore, BTC/USD is expected to move back below the $41,000 support and likely establish another higher low above the $38,000 mark.
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