- Bitcoin price analysis is bearish today.
- Previous resistance at $42,500 was broken yesterday.
- BTC/USD has reached $44,000 resistance.
Bitcoin price analysis is bearish today as we expect a retracement to follow after another push higher today. BTC/USD reached the $44,000 resistance and has since rejected further upside, indicating selling pressure returning.
The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 2 percent. Meanwhile, Ethereum was up by 4.26 percent, with most of the top altcoins showing even better results.
Bitcoin price movement in the last 24 hours: Bitcoin retests $42,500 as support, rallies to $44,000
BTC/USD traded in a range of $42,458.59 – $43,925.55, indicating substantial volatility over the last 24 hours. Trading volume has increased by only 0.34 percent, totaling $29.37 billion, while the total market cap trades around $825.1 billion, resulting in a market dominance of 39.95 percent.
BTC/USD 4-hour chart: BTC has peaked at $44,000?
On the 4-hour chart, we can see the Bitcoin price action reaching the next major resistance at $44,000, with rejection for further upside seen as of now.
Bitcoin price action has seen consolidation formed over the past week. After a strong decline during the beginning of January, support was finally found around $41,000 on the 7th of January.
From there, Resistance was set at $42,500, with further tests of downside seen since. On Monday, BTC/USD saw the last retest of the downside, with the $40,000 mark quickly broken.
However, strong rejection was seen since, leading the Bitcoin price above previous highs. After a pause overnight, BTC/USD resumed its advance today, reaching the next resistance target at $44,000. Therefore, a strong higher high has been set, indicating a trend reversal.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect a new higher high to bet set at $44,000. Bulls are finally exhausted, indicating that BTC/USD will likely move to retrace some of the gains over the next days.