Bitcoin price analysis is bearish today.BTC/USD saw rejection at $45,000 yesterday.Consolidation was seen overnight.
Bitcoin price analysis is bearish today as we have seen a quick spike to $45,000 turn into consolidation around $44,400 over the last 24 hours. Likely BTC/USD is headed even lower later in the weekend to set another higher low.
Cryptocurrency heat map. Source: Coin360
The market has turned to bearish momentum over the last 24 hours. The leader, Bitcoin, has reclaimed previous gains and trades with 0.05 percent loss, while Ethereum has a more substantial 0.44 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin forms consolidation as the market prepares to retrace
BTC/USD traded in a range of $44,081.17 – $44,539.16, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 39.47 percent, totaling $20.63 billion, while the total market cap trades around $841.6 billion, resulting in a dominance of 42.05 percent.
BTC/USD 4-hour chart: BTC looks to begin retracement?
On the 4-hour chart, we can see steady price action so far today, indicating that retracement should begin soon.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has reached further upside after continuing to push higher this week. After the $42,500 previous resistance was broken, BTC/USD quickly gained around 7 percent until the next major resistance was tested at $45,000.
Overall, the market structure has become increasingly bullish as a result of this week’s price action development. Therefore, further upside next week is expected, likely leading to a break above the $45,000 mark, which would further indicate strength in the market.
However, first, Bitcoin price needs to retrace some of the gains and establish another higher low. Once this is done, we should see alot more upside next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen strong rejection from the $45,000 major resistance turn into consolidation. Likely BTC/USD will retrace some of the gains and look to set another higher low before further attempts to move higher are seen next week.