Bitcoin
$ 30,069.00 2.27%
Ethereum
$ 2,017.73 2.30%
Solana
$ 51.86 4.18%
Dogecoin
$ 0.085928 1.87%
ApeCoin
$ 7.97 0.02%
STEPN
$ 1.41 5.13%
Terra
$ 0.000188 62.01%

Bitcoin price analysis: BTC rejected from $47,000, further decline next week?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD saw the first push lower yesterday.
  • Upside retested with low momentum.

Bitcoin price analysis is bearish today as we have seen a strong lower high set at $47,000 early yesterday. BTC/USD has already tested the downside, indicating that further retracement will follow early next week.

Bitcoin price analysis: BTC rejected from $47,000, further decline next week? 1
Cryptocurrency heat map. Source: Coin360

The market has slowly moved into green over the last 24 hours. The leader, Bitcoin, has gained 0.2 percent, while Ethereum has a more substantial 1.03 percent. The rest of the top altcoins have seen a similar performance.

Bitcoin price movement in the last 24 hours: Bitcoin slowly retests upside, looks to set another local lower high

BTC/USD traded in a range of $45,634.10 – $46,635.27, indicating mild volatility over the last 24 hours. Trading volume has declined by 16.82 percent, totaling $26.4 billion, while the total market cap trades around $886.14 billion, resulting in market dominance of 40.2 percent.

BTC/USD 4-hour chart: BTC retests upside before another drop

On the 4-hour chart, we can see a push higher towards previous local highs, likely as bears take a pause before more downside is tested.

Bitcoin price analysis: BTC rejected from $47,000, further decline next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action managed to set a strong higher local high once again earlier this week. After another strong push higher last weekend, BTC/USD reached the $48,000 mark on Monday.

Since previous major resistance levels were broken without much hesitation, BTC/USD overall market structure has turned even more bullish and we can expect more upside to follow over the next weeks.

However, bulls are exhausted for now, indicated by the swift retracement to $45,000. Another higher low was set there before an attempt to recover was made on Friday.

Rejection was seen around $47,000, meaning another local lower high is set. BTC/USD will likely drop even lower early next week and look to retrace even further.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect another local lower high to be set soon. Likely BTC/USD will drop later in the day and retest further downside. 

While waiting for Bitcoin to move further, see our articles on Web3 Startups, How to buy Terra, and How to stake Algorand.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Crypto exchanges are relisting LUNA after the crash
Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Dogecoin price analysis: DOGE continues to face rejection below $0.1 mark
Shiba Inu price analysis: SHIB shows bullish potential at $0.00001196

Follow Us

Industry News

Crypto exchanges are relisting LUNA after the crash
TAG Heuer adopts crypto payment option
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace