- Bitcoin price analysis is bearish today.
- BTC/USD reached $47,000 support yesterday.
- Upside at $49,000 currently gets rejected.
Bitcoin price analysis is bearish today as we currently see the $49,000 mark prevent upside after a reaction higher overnight. Therefore, BTC/USD is likely headed to test further lows below $47,000 over the next 24 hours.
The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leader, Bitcoin, has lost 0.63, while Ethereum lost 1.3 percent. Meanwhile, Terra (LUNA) is the worst performer from the major altcoins as it lost over 8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin bounces from $47,000 support, fails to reach more upside
BTC/USD traded in a range of $46,994.46 – $49,797.58, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by just 0.44 percent, totaling $30.46 billion. Meanwhile, the total market cap trades around $912 billion, resulting in a market dominance of 40.84 percent.
BTC/USD 4-hour chart: BTC prepares to break lower?
On the 4-hour chart, we can see the Bitcoin price currently rejecting further upside, likely leading to another push lower over the weekend.
Bitcoin price has seen bearish momentum return again over the past days. After a slight recovery to $52,000 by Tuesday, BTC/USD saw bearish momentum slowly take over again.
The market moved back below $50,000, with a push lower seen on Thursday. Support was found at $47,000, with a quick spike to retest $50,000 resistance seen Yesterday.
Since then, the Bitcoin price has moved sideways above $47,000 support and below $49,000 resistance. Any attempts to move higher have been rejected over the last 24 hours, likely meaning that BTC/USD is headed lower again this weekend.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as the upside currently gets rejected below $49,000. Therefore, we expect BTC/USD to drop even further and continue reaching towards last week’s low around $42,500.