Bitcoin
$ 29,052.00 0.88%
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Bitcoin Price Analysis: BTC spikes higher again, peaks at $51,500

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD reached $51,500 yesterday.
  • Consolidation was seen overnight.

Bitcoin price analysis is bearish today as we expect a retracement to follow after another strong spike higher yesterday. Likely BTC/USD has peaked at $51,500 for now, with the current consolidation turning into a retracement later today.

Bitcoin Price Analysis: BTC spikes higher again, peaks at $51,500 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum continue over the last 24 hours. The market leader, Bitcoin, has gained a solid 4.66 percent, while Ethereum 3.26 percent. The top performer as of now is Terra (LUNA), with a gain of over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin finds support at $48,000, spikes higher again

BTC/USD traded in a range of $48,370.18 – $51,506.33, indicating strong volatility over the last 24 hours. Trading volume has increased by 17.67 percent, totaling $27.93 billion. Meanwhile, the total market cap trades around $963.6 billion, resulting in a market dominance of 40.38 percent.

BTC/USD 4-hour chart: BTC set to retrace from $51,500?

On the 4-hour chart, we can see the Bitcoin price action currently consolidating below the new high, likely as bears prepare to push the market into a retracement.

Bitcoin Price Analysis: BTC spikes higher again, peaks at $51,500
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen a slow reversal over the past week play out. After finding and retesting support at $46,000 several times, BTC/USD finally set a higher high on the 21st of December.

Next resistance at $49,500 prevented more upside initially. However, after a small retracement, another spike higher followed yesterday. This time, BTC/USD reached $51,500, setting another strong higher high.

Currently, bulls are likely exhausted, and we will see the Bitcoin price action move into another retracement. The closest support is seen at $49,500 previous high and is the most probable price area where another higher low will be set over the weekend.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect a retracement to follow after a strong rally yesterday took the market to a new high at $51,500. Likely BTC/USD will look to retest the previous high as support at $49,500 before more upside is tested again.

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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