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Bitcoin Price Analysis: BTC retests $44,000, ready to rally?

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD retraced to $44,000 overnight.
  • Bitcoin started to move higher today. 

Bitcoin price analysis is bullish for today as the market retested the $44,000 mark and set a higher low overnight. Therefore, we expect BTC/USD to rally over the next 24 hours and regain more of the loss seen earlier this week.

Bitcoin Price Analysis: BTC retests $44,000, ready to rally? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin lost 0.5 percent, while Ethereum 0.41. Meanwhile, Cardano (ADA) is the best performer, with a gain of 11.41 percent.

Bitcoin price movement in the last 24 hours: Bitcoin sets a higher low at $44,000

BTC/USD traded in a range of $44,344.49 – $45,899.09, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 16.7 percent and totals $39.36 billion. Meanwhile, the total market capitalization trades around $858.7 billion, resulting in market dominance of 41.2 percent.

BTC/USD 4-hour chart: BTC starts to rally again?

On the 4-hour chart, we can see the Bitcoin price starting to move higher over the past hours as bulls have regained momentum.

Bitcoin Price Analysis: BTC retests $44,000, ready to rally?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong volatility this week. After rallying from the $46,500 support at the beginning of September, BTC/USD eventually peaked at $53,000 on the 7th of September.

From there, Bitcoin saw a rapid drop of around 15 percent, with support found at $43,000. A slow move higher over the middle of the week followed, with resistance found at $47,000.

Over the following 24 hours, the Bitcoin price action saw another drop, with the $44,000 mark this time acting as a support. Since further downside was rejected, we expect BTC/USD to rally higher over the next 24 hours and look to move past the $46,500 resistance.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as a new higher low was set overnight after a retracement on Friday. Therefore, we expect BTC/USD to reverse over the next 24 hours and look to move past the $46,500 resistance again.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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