Bitcoin price analysis is bearish today.BTC/USD rejected further upside yesterday.Spike lower seen over the last hours.
Bitcoin price analysis is bearish today as we have seen more consolidation slowly turn into a break lower. Therefore, BTC/USD is likely headed to set another higher low over the rest of the week.
Cryptocurrency heat map. Source: Coin360
The market has turned increasingly bearish over the last 24 hours. Both Bitcoin and Ethereum saw substantial spikes lower with 3.08 and 3.28 percent losses, respectively. Meanwhile, the rest of the market has seen an even more substantial decline.
Bitcoin price movement in the last 24 hours: Bitcoin spikes below $46,000
BTC/USD traded in a range of $45,725.80 – $47,655.15, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.8 percent, totaling $32.22 billion, while the total market cap trades around $869.24 billion, resulting in market dominance of 41.68 percent.
BTC/USD 4-hour chart: BTC targets $45,000 next?
On the 4-hour chart, the Bitcoin price is currently rapidly declining, likely leading to further retracement over the next 24 hours.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has rapidly advanced higher over the second half of March. Previous major swing highs at $46,000 were broken effortlessly on the 27th of March, with further upside following as high as $48,000.
However, further upside is yet to follow as bulls are exhausted once more. The consolidation formed over the last days has been a clear warning that retracement is about to begin, likely leading back to previous resistance levels being retested as support.
A quick spike lower did indeed follow earlier today. BTC/USD has already broken past $46,000, with the next target at $45,000 probably likely tested soon. Likely another higher low will be set around there, creating a base from which to continue higher next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has finally broken out of consolidation and spiked to $46,000 previous major resistance turned support. If the current momentum continues, BTC/USD should quickly move to $45,000 next support target.