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Bitcoin Price Analysis: BTC holds above $46,000, bears finally exhausted?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD reversed above $46,000 support again.
  • Move higher likely to follow next.

Bitcoin price analysis is bullish today as we saw the $46,000 support prevent further downside overnight, indicating exhaustion for sellers. Therefore, we expect BTC/USD to move higher later today and potentially attempt to break a new higher high over the weekend.

Bitcoin Price Analysis: BTC holds above $46,000, bears finally exhausted? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market overall has seen a slight bullish momentum return over the last 24 hours. The market leader, Bitcoin, trades with just a 0.05 percent gain, while Ethereum has increased by almost 4 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of 11 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to $46,000 previous low, holds above

BTC/USD traded in a range of $45,598.44 – $47,361.25, indicating moderate volatility over the last 24 hours. Trading volume has increased by 24 percent, totaling $34.5 billion, while the total market cap trades around $889 billion, resulting in a market dominance of 40.31 percent.

BTC/USD 4-hour chart: BTC ready to move higher?

On the 4-hour chart, we can see the $46,000 support preventing more downside again, likely leading to more upside latest his weekend.

Bitcoin Price Analysis: BTC holds above $46,000, bears finally exhausted?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a slow decline over the past weeks after a retracement to $52,000 was seen during the beginning of the month. Since then, BTC/USD has found support at $46,000 on the 13th of December.

After another lower high was set at $49,000 on the 15th of December, Bitcoin looked to continue testing more downside. However, the $46,000 could not be broken yesterday, indicating a potential reversal to be seen.

Since then, the Bitcoin price saw consolidation above the support, with some buying pressure returning in the morning. Therefore, we expect BTC/USD to attempt to move higher and potentially finally set a higher high.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as the $46,000 support has reversed the market again. Therefore, we expect BTC/USD to move towards the previous high of around $49,000 later in the weekend.

While waiting for Bitcoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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