- Bitcoin price analysis is bearish today.
- BTC/USD found resistance at $44,500.
- Selling pressure returned later today.
Bitcoin price analysis is bearish today as we have seen consolidation below $44,500 resistance overnight, indicating a lower high has been set. Therefore, BTC/USD is now ready to drop again, likely testing further downside below $41,750.
The market has seen selling pressure return over the last 24 hours. The leader, Bitcoin, declined by 1.21 percent, while Ethereum by 1.53 percent. The rest of the top altcoins have performed with similar results.
Bitcoin price movement in the last 24 hours: Bitcoin sets lower high at $44,500
BTC/USD traded in a range of $43,456.69 – $44,667.22, indicating mild volatility over the last 24 hours. Trading volume has declined by 16.54 percent, totaling $19 billion, while the total market cap trades around $826 billion, resulting in a dominance of 42.23 percent.
BTC/USD 4-hour chart: BTC begins to decline
On the 4-hour chart, we can see the Bitcoin price action already making the first push lower as bears are eager to test further downside.
The Bitcoin price action has established a strong major swing high below $46,000 late last week. From the previous major low, BTC/USD gained over 35 percent, indicating a strong retracement is to be expected.
The first push lower began on the 10th of February, leading to $41,750 support. At the support, BTC consolidated for several days before spiking higher early yesterday.
The new high was reached at $44,500 later in the day, with the market consolidating close to the resistance overnight. Right now, BTC/USD has already begun to push lower as sellers have gained strength again.
Therefore, we expect a lot more downside to be seen later this week. The Bitcoin price action should head below the current local swing low at $41,750 and target the $40,000 mark next.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a lower high established around $44,500. After consolidation overnight and earlier today, BTC/USD has begun to test downside, likely leading to another wave lower later this week.