- Bitcoin price analysis is bearish today.
- BTC/USD made another attempt to break higher overnight.
- Selling pressure slowly returned this morning.
Bitcoin price analysis is bearish today as we have seen it set a lower high at $41,500 over the last 24 hours. Since it rejected further upside and retested with consistent rejection, we assume BTC/USD is ready to retrace later this week.
The market has traded in the green over the last 24 hours, with the leader, Bitcoin, up by 1.43 percent. Ethereum saw an even better performance as it gained 4.22 percent, while the rest of the top altcoins followed closely.
Bitcoin price movement in the last 24 hours: Bitcoin retests $41,500, pivots lower
BTC/USD traded in a range of $39,566.67 – $41,323.26, indicating a moderate amount of volatility over the period. Trading volume has declined by 14.82 percent, totaling $28.2 billion, while the total market cap sits at around $774.63 billion, representing a dominance of 42.31 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see calm price action today, as bears likely prepare to push Bitcoin price into a retracement.
Bitcoin price has seen a strong consolidation formed below the $39,500 resistance over the past week. After a fake breakout to the downside in the late hours of the 13th of March, BTC/USD showed signs of strength during the first days of the week.
After an initial retest of the $39,500 resistance, BTC quickly spiked higher in the early hours of yesterday, setting a new high around $41,500. Most of the gains were quickly relinquished, indicating that sellers were still in control.
Later in the day, Bitcoin price moved higher again, reaching the previous high once more. However, we saw another failure to move higher overnight, leading BTC/USD to consolidate. In the meantime, the bears prepare for a push to the downside to reclaim some of the gains.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen another rejection of the upside at the beginning of the day. This may be because the bulls are exhausted, and we may see BTC/USD retrace in the coming days.