- Bitcoin price analysis is bearish today.
- BTC/USD continued to consolidate below $48,500.
- Bitcoin bulls likely exhausted after a strong rally yesterday.
Bitcoin price analysis is bullish today as the market continued to trade below the $48,500 resistance over the last 24 hours after a strong rally higher yesterday. Therefore, we assume that BTC/USD is ready to reverse and retrace some of the gains early next week.
The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 0.37 percent. Meanwhile, Ethereum has gained 3.66 percent, with the rest of the top altcoins trading with similar results.
Bitcoin price movement in the last 24 hours: Bitcoin still tests $48,500 resistance
BTC/USD traded in a range of $47,157.29 – $48,282.06, indicating low volatility over the last 24 hours. Trading volume has declined by 10.72 percent and totals $28.41 billion, while the total market cap trades around $903.9 billion, resulting in market dominance of 42.16 percent.
BTC/USD 4-hour chart: BTC set to retrace?
On the 4-hour chart, we can see bears rejecting further upside for the Bitcoin price, indicating an upcoming reversal.
Bitcoin price action has seen consolidation in an increasingly tighter range over the past week. After a strong drop from the $48,500 swing high on the 20th of September, support was initially found at $40,000.
Reaction higher to retest previous major support at $44,000 as resistance followed. From there, BTC/USD started to trade in an increasingly tighter range, with several attempts to move past $41,000 resulting in a strong rejection.
Bitcoin price action finally gathered momentum to break higher on Friday, quickly spiking 10 percent back to the $48,500 major resistance. Since further upside could not be reached over the past 24 hours, we assume BTC/USD is set for a retracement over the next few days.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market could not reach any more upside after a strong advance yesterday to the $48,500 resistance. Therefore, we expect BTC/USD to reverse over the next 24 hours and test previous highs as support.
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.