- Bitcoin price analysis indicates a bearish movement to follow.
- BTC/USD continued to set lower highs.
- BTC tests the $44,000 support.
Bitcoin price analysis is bearish for the next 24 hours as a further decline was seen overnight and the $44,000 support currently gets tested. Therefore, we expect BTC/USD to break through the support and continue moving lower later this week.
The overall market traded with mixed results, with the market leaders, Bitcoin and Ethereum losing around 1.6-1.8 percent. Cardano (ADA) is among the best performers, with a gain of more than 5 percent.
Bitcoin price movement in the last 24 hours: Bitcoin tests the $44,000 support
BTC/USD traded in a range of $43,998.32 – $45,952.06, indicating mild volatility over the last 24 hours. The trading volume totals $30.2 billion, down 13.72 percent, while the total market capitalization trades around $834.8 billion, resulting in market dominance of 44 percent.
BTC/USD 4-hour chart: BTC targets $42,000 next?
On the 4-hour chart, we can see the Bitcoin price action preparing to break below the $44,000 support, which should lead towards the $42,000 previous significant resistance next.
Bitcoin price has seen a substantial advance over the past month. After setting a new swing low around the $29,500 mark on the 20th of July, BTC/USD rallied more than 45 percent to the $42,000 mark.
From the resistance, BTC retraced to $38,000 and saw a further rally over the first half of August, this time reaching $48,000 resistance. However, bulls have lost momentum again as further higher highs could not be set last week.
What followed was a retracement from the $48,000 mark earlier this week, with the $44,000 mark currently holding the Bitcoin price from further downside. Considering the bearish momentum over the past days, we expect BTC/USD to break below the $44,000 support later today and move to the $42,000 previous resistance, which will now be retested as support.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market continued to move lower overnight and currently looks to breaks past the $44,000 support. Therefore, we expect BTC/USD to continue to decline and reach the $42,000 support later this week.
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