- Bitcoin price analysis is bearish today.
- BTC/USD found support at $46,000.
- Reaction higher was seen today.
Bitcoin price analysis is bearish as we expect another test of downside to follow over the next 24 hours after a reaction higher from the $46,000 support. Likely BTC/USD will look to break even lower as the selling pressure is still strong.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.03 percent after a reaction higher. Ethereum has lost 0.92 percent, Algorand (ALGO) being among the top performers, with a gain of almost 15 percent.
Bitcoin price movement in the last 24 hours: BTC bounces from $46,000 support
BTC/USD traded in a range of $46,060.31 – $48,030.49, indicating strong volatility over the last 24 hours. Trading volume has declined by 2.84 percent, totaling $29.7 billion. Meanwhile, the total market cap trades around $898.6 billion, resulting in a market dominance of 40.3 percent.
BTC/USD 4-hour chart: Bitcoin prepares to move lower again?
On the 4-hour chart, we can see the Bitcoin price slightly recovering today, likely as bears prepare to push the market lower again.
Bitcoin price has seen a strong selloff over the past days after more upside was rejected on the 27th of December. Previously BTC/USD rapidly advanced to $51,500 after breaking out of the previous consolidation, indicating a shift in market sentiment.
However, bulls could not break the price any higher, leading to a strong selloff. Around 11 percent were quickly retraced to the current low at $46,000 as bears broke past previous local lows.
Likely, the Bitcoin price action will regain some of the loss over the next days. Additionally, BTC/USD overall trend direction is currently unclear as previous bullish signs have been invalidated.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect more downside to follow after a brief recovery earlier today. Likely BTC/USD will move to test the $46,000 again over the next 24 hours.