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Bitcoin Price Analysis: BTC spikes to $42,500, is the market ready to reverse?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD saw a strong decline overnight.
  • Support was found at $42,500.

Bitcoin price analysis is bullish today as strong rejection for further downside was seen over the past hours after a quick spike to the $42,500 mark. Therefore, we expect BTC/USD to regain some of the loss and move higher the rest of today.

Bitcoin Price Analysis: BTC spikes to $42,500, is the market ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 7.47 percent, while Ethereum has lost 7.81 percent. The rest of the top altcoin follow the majors, with a similar loss of around 7-9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin declined to $42,500 in a massive sell-off

BTC/USD traded in a range of $42,669.05 – $47,819.82, indicating massive volatility over the last 24 hours. Trading volume has increased by 44.16 percent and totals $39.39 billion, while the total market capitalization trades around $829.9 billion, resulting in the market dominance of 42.55 percent.

BTC/USD 4-hour chart: BTC looks to return above $44,000?

On the 4-hour chart, we can see the Bitcoin price rejecting further downside over the past hours as bulls are ready to take over.

Bitcoin Price Analysis: BTC spikes to $42,500, is the market ready to reverse?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen increased volatility over the past days. After a several day consolidation around $44,000-$46,500 area, BTC/USD set a higher high at $48,500.

However, after another attempt to move higher on the 18th of September, more selling pressure was seen, resulting in a slow decline. This price action turned into a strong selloff over the last 24 hours.

The Bitcoin price spiked to $42,500 and saw rejection for further downside from there. Overall, this should lead towards bullish momentum returning over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for today as a rapid decline over the last 24 hours, resulting in a spike to the $42,500 mark. However, BTC/USD turned bullish again as a further downside was rejected and the price returned to the $44,000 mark.

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.

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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