Bitcoin price analysis is bearish today.BTC/USD spiked to $44,500.Rejection for further upside is currently seen.
Bitcoin price analysis is bearish today as we have seen rejection from the $44,500 resistance after a massive rally higher over the last 24 hours. Therefore, BTC/USD should retrace some of the gains and set another higher low later in the week.
Cryptocurrency heat map. Source: Coin360
The market has seen strong bullish momentum over the last 24 hours. The leader, Bitcoin, saw an excellent performance as it gained 5.75 percent, while Ethereum rallied by 3.92. Meanwhile, the top altcoins saw a similar upsurge, with BNB, LUNA, AVAX, and NEAR being the top gainers.
Bitcoin price movement in the last 24 hours: Bitcoin spikes to $44,500, begins to reverse
BTC/USD traded in a range of $40,835.33 – $44,793.60, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.77 percent, totaling $36.3 billion, while the total market cap trades around $824.5 billion, resulting in a dominance of 43 percent.
BTC/USD 4-hour chart: BTC begins to retrace?
On the 4-hour chart, we can see the Bitcoin price reaching the next major resistance at $44,500 and experiencing rejection, likely leading to a retracement over the next days.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen a strong reversal over the past days. After the last drop to $34,500 on the 24th of February, BTC/USD saw a slightly higher high set over the weekend.
From there, quick retracement established a strong higher low at $37,000, further confirming the potential change in trend direction. More upside indeed followed yesterday as bulls quickly pushed BTC to the $44,000 mark.
After some consolidation overnight and earlier today, bulls managed to push higher again briefly. This time, the next major resistance at $44,500 was reached and quickly rejected, indicating that the market has peaked.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market saw a further spike to the next major resistance at $44,500, where sellers stepped in. Therefore, another strong higher high has been set and we can expect BTC/USD to retrace over the next days.