- 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.
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 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.