- Bitcoin price analysis is bearish today.
- BTC/USD still cannot break the $48,500 resistance.
- Bitcoin is set to retrace later today.
Bitcoin price analysis is bearish today as further upside was rejected over the past 24 hours below the $48,500 resistance. Therefore, we expect BTC/USD to retrace over the next 24 hours.
The cryptocurrency market traded in the green over the last 24 hours. The market leader, Bitcoin is up by 2.17 percent, while Ethereum has increased by 3.94 percent. Tezos (XTZ) is among the best performers, with a gain of 15 percent.
Bitcoin price movement in the last 24 hours: Bitcoin finds resistance at $48,500
BTC/USD traded in a range of $46,811.76 – $48,436.01, indicating strong volatility over the last 24 hours. Trading volume has declined by 18.57 percent and totals $32.12 billion, while the total market cap trades around $899 billion resulting in the market dominance of 42.49 percent.
BTC/USD 4-hour chart: BTC prepares to reverse?
On the 4-hour chart, we can see Bitcoin price action rejecting any further upside, indicating that retracement will follow later today.
Bitcoin price action has seen consolidation in an increasingly tighter range over the past weeks. After a sharp drop on the 20th of September, support was found around $41,000.
Over the following week, BTC/USD traded above the support, with increasingly lower highs set several times. However, after another retest of the support on the 30th of September, BTC finally set a higher high yesterday.
What followed was further upside above the next resistance at $46,500. Ultimately, the $48,500 mark was reached, with bulls becoming exhausted over the past hours. Overall, Bitcoin price action should reverse over the next hours and retrace some of the gains over the weekend.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the next 24 hours as the $48,500 resistance has slowed down further advance. Therefore, BTC/USD is likely to reverse and retrace some of the gains seen over the last 24 hours.
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