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Bitcoin Price Analysis: BTC slowly peaks at $49,500, needs another retracement?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD set higher high at $49,500.
  • Another retracement is likely to follow.

Bitcoin price analysis is bearish today as we saw a steady advance over the past days end at the $49,500 mark yesterday. Likely BTC/USD will pull back again later this week to prepare for another attempt to move higher.

Bitcoin Price Analysis: BTC slowly peaks at $49,500, needs another retracement? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded in the green over the last 24 hours. The market leader, Bitcoin, gained 0.4 percent, while Ethereum remained almost flat. Meanwhile, the rest of the top altcoins have seen a much better performance.

Bitcoin price movement in the last 24 hours: Bitcoin finds resistance at $49,500, begins to reverse

BTC/USD traded in a range of $48,065.84 – $49,185.52, indicating substantial volatility over the last 24 hours. Trading volume has declined by 4.16 percent, totaling $23.4 billion. Meanwhile, the total market cap trades around $921 billion, resulting in a market dominance of 40.41 percent.

BTC/USD 4-hour chart: BTC looks to set higher low next?

On the 4-hour chart, we can see bearish momentum taking over the Bitcoin price action as the $49,500 resistance could not yet be broken.

Bitcoin Price Analysis: BTC peaks at $49,500, needs another retracement?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has traded with a slight bearish momentum over the past weeks. A continuous series of lower highs were set, while support was found and retested at $46,000.

BTC/USD continued to trade in an increasingly tighter range until a higher high was finally set on the 20th of December. Next previous high at $49,500 prevented more upside, leading to a consolidation yesterday.

Since then, the Bitcoin price has slowly started to edge lower. Likely we will see another push lower result in a higher low set before more upside can be tested.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw the $49,500 mark prevent further downside. Therefore, we expect retracement over the next 24 hours to begin, leading to a higher low set.

While waiting for Bitcoin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi 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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