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Bitcoin Price Analysis: BTC rejects upside at $47,500, headed lower again?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD continued higher overnight.
  • Further upside at $47,500 quickly rejected.

Bitcoin price analysis is bullish today as we expect another drop to follow the rejection of further upside seen over the last hours. BTC/USD is not yet ready to break higher and will likely continue consolidating above $46,000 support.

Bitcoin Price Analysis: BTC rejects upside at $47,500, headed lower again? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded in the green over the last 24 hours. Bitcoin has gained 0.91 with a quick spike higher over the last hours. Meanwhile, Ethereum has gained around 3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rallies after another retest of $46,000 support

BTC/USD traded in a range of $45,835.96 – $47,406.55, indicating a substantial amount of volatility. Meanwhile, the total trading volume has increased by 7.23 percent, totaling $35.16 billion. The market cap stands at $884.3 billion, resulting in a dominance of 39.39 percent.

BTC/USD 4-hour chart: BTC rejects further upside again

On the 4-hour chart, we can see the Bitcoin price reacting lower over the past hours after a brief spike higher to the $47,500 mark.

Bitcoin Price Analysis: BTC rejects upside at $47,500, headed lower again?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price found support at $46,000 last week after previously declining over 10 percent. Reaction higher to $48,000 was seen shortly after and retested several times since.

Over the weekend, BTC/USD had returned to the $48,000 resistance again, with further rejection for upside seen until bears pushed the market lower for the third time to the $46,000 support yesterday.

Quick reversal was seen from there, leading the Bitcoin price higher over the last 24 hours. However, since the upside was quickly rejected above $47,500, we expect the market to continue consolidating in the current week-long range.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as another rejection for upside was seen over the past hours. Therefore, BTC is not yet ready to break higher, and further consolidation is needed.

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

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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