- Bitcoin price analysis is bullish today.
- BTC/USD set strong lower low today.
- Support current found at $41,500.
Bitcoin price analysis is bullish today as we expect a reversal to follow after a strong drop over the last few days. Likely BTC/USD will retrace and look to set another low high later this week as the overall trend has changed back to being bearish.
The crypto market overall has seen a decline over the last 24 hours. The leader, Bitcoin, has declined by 1.45 percent, while Ethereum by 3.29 percent. Cardano (ADA) is meanwhile among the worst performers today with a loss of almost 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks previous low, tests $41,500
BTC/USD traded in a range of $41,392.22 – $42,411.56, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 9.23 percent, totaling $21.85 billion, while the total market cap trades around $789 billion, resulting in a market dominance of 40.04 percent.
BTC/USD 4-hour chart: BTC looks to retrace next?
On the 4-hour chart, we can see the Bitcoin price action finding support at $41,500, meaning a clear lowe low has been set.
Bitcoin price action saw recovery last week as it broke to $44,000 on the 12th of January. The following retracement established a clear higher low around $42,000, further indicating a change in trend direction.
After bullish momentum resumed on Friday, BTC/USD could not move past the $44,000 mark again, setting a lower high. Since then, Bitcoin price has slowly retraced, with the previous low broken today.
Therefore, there has been a change of trend direction again. BTC/USD has set lower low and likely will retrace to set a higher low next. From there, more downside can be expected later this week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we expect a reversal to follow after a lower low set at $41.500 earlier. Likely BTC/USD is now ready to retrace and set another lower high before continuing lower.