Bitcoin price analysis: BTC retests $43,000 as resistance, more downside incoming next week?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD retraced to $43,000 yesterday.
  • Bullish momentum is still weak.

Bitcoin price analysis is bearish today as we expect the $43,000 resistance to prevent further upside. Likely BTC/USD will reverse and continue testing further upside early next week.

Bitcoin price analysis: BTC retests $43,000 as resistance, more downside incoming next week? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 0.65 and 1.02 percent, respectively. Meanwhile, the rest of the market follows with similar slight gains.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to $43,000, finds resistance

BTC/USD traded in a range of $42,262.92 – $42,874.67, indicating mild volatility over the last 24 hours. Trading volume has declined by 34.81 percent to $14.8 billion, while the total market cap trades at $812.61 billion, resulting in market dominance of 41.04 percent.

BTC/USD 4-hour chart: BTC looks to reverse again?

On the 4-hour chart, we can see the $43,000 resistance offering strong resistance, likely leading to another push lower next week.

Bitcoin price analysis: BTC retests $43,000 as resistance, more downside incoming next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has declined even lower over this week. After the initial drop to $43,000 at the beginning of the week, BTC/USD formed consolidation, potentially indicating a reversal.

However, more downside did follow on the 8th of April, leading to a quick spike to $42,000. Since then, BTC has slowly retraced higher, retesting the $43,000 previous support as resistance.

Therefore, unless Bitcoin price action can return above $42,000 current local high in a clear way, we expect more downside next week. The next obvious target would be the $42,000 mark, as it previously offered both support and resistance.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has retraced to test $43,000 previous support as resistance. For now, the resistance holds, indicating that more downside should be reached soon.

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

Dogecoin price analysis: DOGE/USD set to break above $0.1 soon?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse