- Bitcoin price analysis is bearish today.
- BTC/USD continued to consolidate below $44,000 yesterday.
- Price attempted to move lower during the second half of the day.
Bitcoin price analysis is bearish today as further upside remain out of reach. Likely BTC/USD will break past the $42,500 support and move to retrace even further.
The market has endured an extended period of bearish momentum that spilled over the last 24 hours. Bitcoin has lost 2.23 percent, while Ethereum remains slightly in the green. The rest of the top altcoins have also seen more downside tested.
Bitcoin price movement in the last 24 hours: Bitcoin rejected at $44,000, looks to break lower
BTC/USD traded in a range of $42,884.58 – $43,903.02, indicating substantial volatility. Trading volume has declined by 24.54 percent, totaling $23.32 billion, while the total market cap trades at $829.96 billion, resulting in a dominance of 41.13 percent.
BTC/USD 4-hour chart: BTC ready to retrace further?
On the 4-hour chart, we can see the Bitcoin price action rapidly declining again as the $44,00 resistance halted the rally.
Bitcoin price action has seen more retracement over the past week. After a series of lower lows resulted in a consolidation triangle formed during the first half of the week, BTC/USD broke to the downside on the 6th of March.
More downside followed until the $42,500 mark, meaning that a clear lower low was set. Since then, the market has moved sideways below $44,000 resistance, with rejected attempts to move higher.
Likely more downside will be tested as a result. Therefore, if the $42,500 mark gets broken, we could quickly see a lot more downside over the weekend.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen more downside tested after reversal from the $44,000 resistance. Therefore, we expect BTC/USD to decline further and retrace even more of the gains seen during the second half of March.