- Bitcoin price analysis is bearish for today.
- BTC/USD retraced from the $50,000 mark yesterday.
- BTC is set to retest the $48,000 support.
Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as bulls have become exhausted after reaching the $50,000 mark. Therefore, we expect BTC/USD to retrace today and test the $48,000 support next.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin has declined by 3.33 percent, while Ethereum 2.66 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers, with a loss of more than 7 percent.
Bitcoin price movement in the last 24 hours: Bitcoin shows weakness after reaching the $50,000 mark
BTC/USD traded in a range of $48,531.83 – $50,325.27, indicating mild volatility over the last 24 hours. Meanwhile, the total trading volume has increased by 10.78 percent and totals $35 billion. The total market cap trades around $912.2 billion, resulting in market dominance of 43.2 percent.
BTC/USD 4-hour chart: BTC set to retest the $48,000 support again
On the 4-hour chart, we can see the Bitcoin price retracing after failure to reach further heights above the $50,000 mark.
The Bitcoin price action has seen a strong increase over the past month. After establishing a major swing low around $2,950, BTC/USD saw strong bullish momentum take over, with a total gain of more than 70 percent since.
After consolidating for almost a week below the $48,000 mark, BTC found support at the $44,000 last week. From there, a quick rally of 15 percent was seen to the current high of $50,500, where resistance was found again.
This Bitcoin price action development has resulted in a retracement over the last 24 hours as bears look to retest the $48,000 previous major resistance as support again. This support likely will be broken, as bears look to set another significant swing higher low.
However, if the $48,000 mark holds, we could see another 10-15 percent rally over the upcoming days.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market continues to retrace from the $50,000 resistance after failing to move higher. Therefore, we expect BTC/USD to retrace further later today and try to establish another higher low from which to attempt a further rally.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.