- Bitcoin price analysis indicates bearish momentum to follow.
- BTC/USD failed to breach $48,000 yesterday.
- Bitcoin set a slightly lower low overnight.
Bitcoin price analysis is bearish for today as the market lacks momentum to break through the $48,000 mark and has set a slightly lower low overnight. Therefore, we assume BTC/USD is headed lower next and could start a several-day retracement to the $42,000 previous significant high resistance.
The cryptocurrency market trades with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 0.1 percent as bears slowly push it lower, while Ethereum is up by 0.59 percent. Solana (SOL) is among the best performers from the majors, with a gain of 11.7 percent.
Bitcoin price movement in the last 24 hours: Bitcoin fails to reach the $48,000 resistance
BTC/USD traded in a range of $45,384.27 – $47,139.57, indicating a small amount of volatility over the last 24 hours. Trading volume has increased by 1.78 percent and totals $32.8 billion. Meanwhile, the total market cap trades around $872 billion, resulting in a market dominance of 43.58 percent.
BTC/USD 4-hour chart: set for a retracement to $42,000?
On the 4-hour chart, we can see the Bitcoin price failing to reach further upside over the past days, indicating that bears are likely to take over the market later this week.
Bitcoin price action has seen a rapid advance over the past weeks. However, BTC/USD lacks the momentum to reach further highs above $48,000 resistance over the last few days. Since only a slightly higher high was set late last week and retested early yesterday, we can assume that market could pivot lower over the next 24 hours.
Overnight, Bitcoin set a slightly lower low around $45,300, indicating a slight shift in momentum. From there, BTC rallied higher today as bulls want to test the $48,000 mark for the third time. However, unless the resistance is broken, Bitcoin is set for a several-day retracement.
The likely target to watch out for is located around the $41,000 – $42,000 previous significant swing high. Around the support area, the Bitcoin price action should set a new major swing higher low, likely leading to a lot more further upside over the following weeks.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market lack momentum to breach the $48,000 resistance. Therefore, we expect BTC/USD to move lower later today and start a several-day retracement to retest the previous swing high resistance around $42,000 as support.
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