- Bitcoin price analysis is bearish today.
- BTC/USD retested $42,500 resistance earlier.
- Closest support at $41,000.
Bitcoin price analysis is bearish today as another rejection for upside after a rebound from $41,000 support was seen. Therefore, BTC/USD is likely now ready to break lower and continue retracing previous gains.
The market has seen slight bullish momentum over the last 24 hours. Bitcoin has gained a decent 1.69 percent, while Ethereum follows with a 0.54 percent gain. Most of the top altcoins have seen a similar slight increase.
Bitcoin price movement in the last 24 hours: Bitcoin continues testing further downside
BTC/USD traded in a range of $41,242.91 – $42,534.40, indicating substantial volatility over the last 24 hours. Trading volume has increased by 3.77 percent, totaling $23.25 billion. Meanwhile, the total market cap trades around $792 billion, resulting in a market dominance of 40.23.
BTC/USD 4-hour chart: BTC rejects upside again
On the 4-hour chart, we can see the Bitcoin price heading higher and meeting more selling pressure at the $42,500 resistance.
Bitcoin price saw reversal after a strong rally last week. From the, $44,400 previous high, BTC/USD has already retraced almost 8 percent to the $41,000 support.
Furthermore, a lower low was set early in the week, indicating bearish momentum dominating the market. Therefore, the current brief spike higher should result in more downside tested over the next days.
Currently, we see the $41,000 mark offering some support. However, Bitcoin price should fall below it soon and look to test the next major support at $40,000 by the end of the week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect another reversal to the downside to follow shortly. Earlier today, BTC/USD rejected upside again at $42,500, indicating that strong bearish momentum still dominates.