- Bitcoin price analysis is bearish today.
- BTC/USD set another higher low yesterday.
- Strong push to $43,000 seen since midnight.
Bitcoin price analysis is bearish today as we have seen another push higher to the $43,000 next major resistance. Since clear rejection can be currently seen, we expect BTC/USD to retrace again over the next 24 hours.
The market traded in the green over the last 24 hours as another rally started overnight. The leader, Bitcoin, gained 2.04 percent, while Ethereum followed close by with a 0.91 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin breaks previous high, peaks at $43,000
BTC/USD traded in a range of $40,961.10 to $42,893.58, indicating substantial volatility. Trading volume has increased by 14.08 percent and totals $29.8 billion, while the total market cap stands at $798.6 billion, resulting in a dominance of 41.27 percent.
BTC/USD 4-hour chart: BTC rejects further upside
On the 4-hour chart, we can see the Bitcoin price moving into retracement over the last hours, likely leading to another local higher low set later in the week.
Bitcoin price action has seen a strong rally so far this week. After the initial resistance at $40,600 was broken on 18 April 2022, BTC/USD moved even higher over the next days.
After another higher low was set yesterday at $41,000, bullish momentum returned overnight. Another 5 percent were quickly gained to the $43,000 mark, indicating strong bullish momentum overall.
However, a retracement needs to follow right now as bulls are exhausted again. Likely the current rejection will quickly lead to another local higher low set over the next days, opening the way for further upside to be tested next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen strong advance met with strong rejection at the $43,000 resistance. Therefore, BTC/USD is headed for a retracement again as another higher local low needs to be set.