TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- The market peaked at $43,400 yesterday.
- BTC/USD continued to retrace overnight.
Bitcoin price analysis is bearish today as we expect further retracement to follow after the strong higher high it set yesterday. BTC/USD may still need to test further downside to create a base to continue higher later in the week.
The market has traded with mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 1.14 and 1.55 percent, respectively, while Cardano (ADA) was the top performer from the majors, with over 10 percent gains recorded.
Bitcoin price movement in the last 24 hours: Bitcoin continues to retrace from $43,400
BTC/USD traded in a range of $41,877.51 – $42,811.05, indicating mild volatility over the last 24 hours. Trading volume has declined by 23.45 percent, totaling $24.36 billion, while the total market cap trades at $801.84 billion, resulting in a dominance of 41.54 percent.
BTC/USD 4-hour chart: BTC fails to reverse for now
On the 4-hour chart, we see the Bitcoin price action rejecting a spike during the second half of the day, indicating more downside in the near future.
Bitcoin price action continues to send strong signs of bullishness over the past few days as it broke its previous major resistance at $42,500 early yesterday. This time, BTC/USD found resistance at $43,400 before starting to retrace again.
However, considering the overall market structure over the past weeks, we assume more upside will come shortly. BTC currently needs to retrace further to allow bulls to enter at lower prices.
A likely support level is around the $41,500 market, as the market previously reacted at this level. BTC/USD should continue higher once another higher local low is set, with the next major resistance seen at $44,500-$45,000 price area.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as further retracement should follow the current price action development. Likely BTC/USD will test further downside before another higher low is set and serves as the base from which to continue higher.
While waiting for Bitcoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO
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