- Bitcoin price analysis is bearish today.
- BTC/USD broke out of the previous consolidation overnight.
- Spike to $44,000 resistance seen throughout the day.
Bitcoin price analysis is bearish today as the market has spiked higher by 6 percent to the $44,000 next resistance. Since then, BTC/USD shows signs of rejection for further upside, meaning more downside will follow over the upcoming days.
The market has seen strong buying pressure over the last 24 hours, with Bitcoin up by 3.16 percent. Ethereum performed even better, with a gain of 5.31 percent, while the rest of the top altcoins followed.
Bitcoin price movement in the last 24 hours: Bitcoin breaks previous consolidation, peaks around $44,000
BTC/USD traded in a range of $41,928.19 – $44,427.53, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.75 percent, totaling $22.75 billion, while the total market cap trades around $837 billion, resulting in a dominance of 42.24 percent.
BTC/USD 4-hour chart: BTC peaks at $44,500
On the 4-hour chart, we can see the Bitcoin price starting to react lower after resistance was found at $44,500 over the last hours.
Bitcoin price action has seen an end to the several-week rally over the past days. After a new swing high was set just below $46,000 on the 10th of February, BTC/USD quickly retraced to the $42,000 mark.
Above the newly found support and previous $42,500 support turned resistance the market consolidated for several days, indicating an upcoming reversal. Despite several attempts to move higher, BTC continued to trade sideways until late yesterday, when a spike higher began.
Overnight, bulls pushed the Bitcoin price close to the $44,000 next resistance, with further upside seen throughout the day. Eventually, a rejection candle formed below $44,500, indicating that a strong lower high has been set.
Therefore, we can expect BTC/USD to move lower over the next days. Likely further lows will be tested, with the next major support located around $41,000. Considering the advance seen during the first half of February, a retracement to this area would be healthy for the overall market structure.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we expect reversal to follow after a strong spike to the $44,500 mark today. Likely BTC/USD has set a strong lower high and is ready to continue testing further downside over the rest of the week.