- Bitcoin price analysis is bearish today.
- BTC/USD spiked past $42,500 resistance this morning.
- New local high set at $43,400.
Bitcoin price analysis is bearish today as we expect a retracement to follow a strong spike above the $42,500 resistance. BTC/USD will likely return below the recently broken resistance and look to set another higher low before testing more upside later.
The market has traded in the green in the last 24 hours, with Bitcoin up by over 4 percent. Ethereum follows with a 3.26 percent gain, while the rest of the top altcoins have recorded even better performances.
Bitcoin price movement in the last 24 hours: Bitcoin tests further upside, faces rejection
BTC/USD traded in the $40,921.17 – $43,124.71 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 32.18 percent, totaling $31.98 billion, while the total market cap sits around $808.73 billion, accounting for a 41.93 percent dominance.
BTC/USD 4-hour chart: BTC looks to retrace
On the 4-hour chart, we can see bearish momentum returning for the Bitcoin price as the market rejects further upside.
Bitcoin price action has recorded steady gains over the past week. It has grown over 12 percent in the last week, indicating strong bullish momentum in the market.
After it broke past the $42,500 mark on the 18th of March, BTC/USD retraced to set the current local low at $41,000. A strong spike overnight took the market from its previous position upwards to $43,400.
The overall market is still bullish, and we can expect more upside to follow later in the week. However, it needs to set another higher low in the meantime, as the bulls are exhausted once again.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we expect more downside to follow after the market set a higher high overnight. BTC/USD should retrace and set another higher low before testing further upside later in the week.