Bitcoin Price Analysis: BTC retests $46,000, ready to reverse?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD spiked back to $46,000 support yesterday.
  • Reaction higher continued today.

Bitcoin price analysis is bullish today as we expect the $46,000 support to reverse the decline seen this week. Likely BTC/USD will look to break higher next and move to the next resistance at $49,500

Bitcoin Price Analysis: BTC retests $46,000, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 1.92 percent, while Ethereum trades with a similar result. Avalanche (AVAX) is among the top performers today, with a gain of almost 3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin spikes to $46,000, rejects further downside again

BTC/USD traded in a range of $45,819.95 – $48,086.22, indicating substantial volatility over the last 24 hours. Trading volume has declined by 14.26 percent, totaling $29.19 billion. Meanwhile, the total market cap trades around $888 billion, resulting in a market dominance of 40.15 percent.

BTC/USD 4-hour chart: BTC bounces from $46,000

On the 4-hour chart, we can see the Bitcoin price reaching higher again as bears are likely exhausted and unable to break any higher.

Bitcoin Price Analysis: BTC retests $46,000, ready to reverse?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price saw a strong break higher after consolidation in an increasingly tighter range during the middle of December. After two strong waves higher, BTC/USD peaked around $51,500 on the 23rd of December.

After a brief retracement set another higher low at $49,500, bulls attempted to push the market higher. A brief spike to $52,000 was quickly met with strong selling pressure, leading to a strong selloff on Tuesday.

Selling continued later in the week until support was found at $46,000. After a reaction higher to $48,500, the Bitcoin price spiked lower once more late yesterday. However, since further downside was quickly rejected, we expect BTC/USD to have shown strong signs of a potential reversal.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as further recovery is expected after a quick bounce from the $46,000 once again. Likely BTC/USD is now ready to reverse the week-long bearish momentum.

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

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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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