- Bitcoin price analysis is bearish today.
- BTC/USD set another higher local high at $44,000.
- Rejection for further upside is currently in progress.
Bitcoin price analysis is bearish today as we have seen another strong higher high as the market spiked to $44,000. Likely retracement will follow to set another higher low before the $44,500 next major resistance is tested at the end of the week.
The market has turned bullish over the last 24 hours. The leader, Bitcoin, gained 4.09 percent, while Ethereum by 4.62 percent. The rest of the top altcoins followed close by, with Solana, Cardano, and Dogecoin being the top performers.
Bitcoin price movement in the last 24 hours: Bitcoin sets another higher high
BTC/USD traded in a range of $42,111.41 – $44,131.85, indicating strong volatility over the last 24 hours. Trading volume has increased by 24.66 percent, totaling $833.9 billion, while the total market cap trades at $833.9 billion, resulting in market dominance of 41.8 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see the Bitcoin price action finding resistance at $44,000, likely leading into another retracement tomorrow.
Bitcoin has continued its way higher so far this week. After a break above $42,500 previous major resistance another higher high was set at $43,000 on Tuesday, indicating the strong bullish sentiment in the market.
From there, BTC/USD retraced to $42,000 to establish another base from which to continue higher. After relatively calm trading yesterday, more upside did indeed follow today as bulls pushed BTC to the $44,000 mark.
Right now, the market likely needs another local pullback. Therefore, the $43,000 previous local resistance will likely be retested as support before further upside is reached.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen another higher high set at $44,000 over the past hours. However, bulls are likely exhausted now, meaning retracement is needed before the $44,500 major resistance can be tested later in the week.