Bitcoin Price Analysis: BTC retraces again, ready to reverse above $42,500?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD peaked below $44,000 yesterday.
  • Support at $42,500 currently tested.

Bitcoin price analysis is bullish today as we expect reversal from the $42,500 support after a very slow retracement. Therefore, BTC/USD has established another higher low and will likely soon begin to push higher again.

Bitcoin Price Analysis: BTC retraces again, ready to reverse above $42,500? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a steady decline over the last 24 hours. The market leader, Bitcoin, has lost 1.29 percent, while Ethereum 2.97 percent. Meanwhile, Cardano (ADA) has moved counter to the overall trend with a gain of almost 6 percent.

Bitcoin price movement in the last 24 hours: Bitcoin slowly retraced to $42,500 support

BTC/USD traded in a range of $42,460.70 – $43,436.81, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by just 0.45 percent, totaling $19.5 billion. The total market cap trades around $807 billion, resulting in a market dominance of 39.68 percent.

BTC/USD 4-hour chart: BTC looks to reverse from $42,500?

On the 4-hour chart, we can see the Bitcoin price action finding a higher low at $42,500 after a steady decline over the last 24 hours.

Bitcoin Price Analysis: BTC retraces again, ready to reverse above $42,500?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw recovery last week, leading to a strong high local high set slightly above $44,000. The reaction higher clearly indicates an upcoming change in trend direction, meaning that we can expect more upside reached by the end of this week.

The following retracement to $42,000 established a strong higher low, further indicating bullish market structure forming. However, the following move higher did peak below $44,000, setting a slightly lower high.

Since then, the Bitcoin price action has slowly retraced and set a higher low around $42,500. Likely from there, we will see BTC/USD push higher again later this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as another higher low currently gets established at $42,500. Therefore, we expect another push higher to follow soon, likely leading to further upside reached above the last week`s highs.

While waiting for Bitcoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

Disclaimer. The information provided is not trading advice. 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 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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