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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.

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.

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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