- Bitcoin price analysis is bearish for today.
- BTC/USD saw a strong spike higher overnight.
- The retest of upside is currently seen rejected again.
Bitcoin price analysis is bearish today as we have seen strong rejections for further upside twice over the past 24 hours. Therefore, another lower swing high has been set, and BTC/USD is ready to return towards the previous consolidation area.
The market has moved in the green over the last 24 hours. The market leader, Bitcoin, managed to break out of the previous consolidation and gain 3.28 percent. Ethereum saw even better gains of 4.36 percent, while the rest of the top altcoins followed.
Bitcoin price movement in the last 24 hours: Bitcoin breaks out of consolidation, meets resistance above $41,000
BTC/USD traded in a range of $39,022.35 – $41,465.45, indicating substantial volatility over the last 24 hours. Trading volume has increased by 44 percent, totaling $33.58 billion, while the total market cap trades around $769.7 billion, resulting in a dominance of 43 percent.
BTC/USD 4-hour chart: BTC rejects upside twice
On the 4-hour chart, we can see the Bitcoin price surging higher again over the past hours, however, selling pressure is still strong above $41,000.
Bitcoin price action has seen steady consolidation over the past week. The $39,000 price area served as the central pivot point for BTC/USD for several days in a row, indicating indecision in the market.
A quick spike lower on Monday sent signals that the market is breaking lower and more downside can be expected this week. However, a return towards the previous consolidation area followed, meaning that it was a false breakout.
Since then, the Bitcoin price action has gathered strength once more. Overnight, BTC/USD broke above the $39,500 resistance, eventually leafing to a strong spike higher.
The previous swing high of around $42,500 could not be reached, as sharp rejection was seen later. Today, another test of the upside has resulted in a nother rejection, likely meaning that BTC is headed back towards the previous consolidation area.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen exhaustion from the buying pressure that was seen over the last 24 hours. Therefore, BTC/USD has likely peaked again and set another lower swing high.