TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD saw further upside tested during the day.
- Rejection seen at $45,000.
Bitcoin price analysis is bearish today as we have seen a retest of $45,000 and consequent upward swing met with rejection. BTC/USD should is primed to head into a retracement to set a higher low over the weekend.
The market has mostly traded in the red over the last 24 hours, as we have seen upward movement rejected across the board. However, Bitcoin, the market leader, remains above water with a 0.58 percent gain, while Ethereum has already retraced to negative 0.29 percent.
Bitcoin price movement in the last 24 hours: Bitcoin resists retracement, spikes to $45,000
BTC/USD traded in the $43,706.29 – $44,999.49 range, indicating substantial volatility over the last 24 hours. Trading volume has remained almost flat at $30.4 billion, while the total market cap sits at $839.4 billion, representing a dominance of 42.24 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see the Bitcoin price action starting to drift lower as the bulls show signs of exhaustion.
Bitcoin price action has seen more upside this week. Since it broke out from the $42,500 mark, BTC/USD has seen another strong push higher since the beginning of the 23rd of March.
After more upside yesterday through today, BTC spiked as high as the next resistance at $45,000. The latest movement may indicate that the bulls are finally ready to reverse the several-month-long bearish momentum soon.
However, first, we expect another retracement to set a higher low. A potential area where the market may find support could be around $43,200, as local resistance was previously seen there.
If we set another higher low and the $45,000 mark gets broken, we expect more upside over the following months. Therefore, this is a critical area to watch next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has set another higher local high at the very strong resistance level at $45,000. Hence, we expect more retracement, likely leading to another higher local low set before more upside is tested.
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
