- Bitcoin price analysis is bearish.
- BTC/USD found resistance at $48,000.
- Selling pressure slowly returned in the afternoon.
Bitcoin price analysis is bearish today as we expect another push lower follow after a slight recovery earlier today. Likely BTC/USD is now ready to test further downside along with the overall bearish market structure.
The cryptocurrency market overall has seen a slight loss over the last 24 hours. The market leader, Bitcoin, is down by 2.01 percent, while Ethereum follows with a loss of 1.72 percent. Dogecoin (DOGE) is still one of the top performers today as it is still up over 22 percent after a massive 40 percent spike higher.
Bitcoin price movement in the last 24 hours: Bitcoin slowly retraces, finds resistance at $48,000
BTC/USD traded in a range of $45,894.85 – $47,885.05, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 30.37 percent, totaling $35.42 billion, while the total market cap trades around $884.8 billion.
BTC/USD 4-hour chart: BTC looks to drop again?
On the 4-hour chart, we can see bearish momentum returning over the past hours for the Bitcoin price action as selling pressure is still strong.
Bitcoin price action has seen volatility slowly decaying over the last week after previously dropping around 25 percent in a couple of hours on the 4th of December. The following recovery lasted until the 7th of December when resistance was found at $52,000.
Since then, selling pressure has returned as both a lower high and low have been set. Another push lower followed Yesterday, reaching below the $47,000 mark and further indicating a bearish market structure.
Over the last 24 hours, the Bitcoin price has seen consolidation close to the new low. Since bulls could not regain momentum, we expect a follow-up decline to be seen over the next 24 hours.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we saw another lower low set yesterday and a slow retracement over the last 24 hours. Therefore, BTC/USD is not yet ready to move higher, likely leading BTC to another drop lower later today.