- 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.
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 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.