- Bitcoin price analysis is bearish for the rest of the day.
- BTC/USD saw rapid advance over the past hours.
- Resistance was found at $48,000.
Bitcoin price analysis is bearish for today as a rapid advance above previous highs were seen earlier today until resistance was met at $48,000. Therefore, we expect BTC/USD to retrace some of the gains over the next 24 hours.
The overall market traded with a strong bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 8.84 percent, while Ethereum has gained 7.07 percent. The rest of the top altcoins follow, with a gain of 7-9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks above $46,500
BTC/USD traded in a range of $42,860.13 – $47,803.51, indicating large volatility over the last 24 hours. Trading volume has increased by 26.46 percent and totals $38.97 billion, while the total market cap trades around $897 billion, resulting in the market dominance of 43.1 percent.
BTC/USD 4-hour chart: BTC to reverse from $48,000?
On the 4-hour chart, we can see some initial rejection for further upside at $48,000 after a massive spike higher earlier today.
The overall market traded in a sideways consolidation over the past weeks. After a strong decline from the $48,500 swing high on the 20th of September, support was found at $40,000 initially.
The following reaction to the upside established another lower high at $45,000, which resulted in another spike lower, this time to the $41,000 mark. The $41,000 support was later retested several times, with the following reaction setting increasingly lower highs.
Therefore, the Bitcoin price action had created an increasingly tighter consolidation range, which was finally broken today. Further upside followed until $48,000, where some rejection can currently be seen, indicating a potential local swing high set.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the next 24 hours as the market is expected to retrace after a strong spike higher earlier today to the $48,000 mark. Therefore, BTC/USD could see the previous resistance at $44,000 retested as support over the weekend.
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