- Bitcoin price analysis is bearish today.
- BTC/USD spiked back to $44,000 again.
- Market likely to pivot lower later today.
Bitcoin price analysis is bearish today as another lower high has been set earlier today, with rejection for further upside. Therefore, we expect another move to the $41,000 support to follow over the next 24 hours.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 3.05 percent, while Ethereum has gained 3.25 percent. Meanwhile, the rest of the top altcoins follow, with a gain of 1-3 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallies back to $44,000 resistance
BTC/USD traded in a range of $40,960.07 – $43,794.76, indicating substantial volatility over the last 24 hours. Trading volume has increased by 1.68 percent and totals $31 billion, while the total market cap trades around $816.3 billion, resulting in market dominance of 42.56 percent.
BTC/USD 4-hour chart: BTC looks to reverse again?
On the 4-hour chart, we can see Bitcoin price action rejecting further upside, indicating an upcoming reversal to the downside.
Bitcoin price action has seen sideways momentum over the past weeks. After a strong drop from the $48,500 mark on the 20th of September, with support found above $40,000, a new swing low was set.
Since then, the $41,000 mark has been established as strong support, with many failures to move lower. Additionally, BTC/USD has set several lower highs, indicating that the market is trading in an increasingly tighter range.
The current move higher will likely result in another lower high set for Bitcoin. Overall, we can expect Bitcoin price action to continue consolidating above $41,000 support in an increasingly tighter range later this week until a clear breakout to either side is seen.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the next 24 hours as another lower high has been set below $44,000. Therefore, BTC/USD is likely headed back towards the $41,000 support next to continue trading in an increasingly tighter range later this week.
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