Bitcoin price analysis is bearish today.BTC/USD failed to move higher yesterday.Slow, slightly bearish consolidation seen since midnight.
Bitcoin price analysis is bearish today as we have seen a lack of bullish momentum since yesterday. The $48,000 mark likely offers enough resistance for bears to push BTC/USD towards setting another higher low over the next days.
Cryptocurrency heat map. Source: Coin360
The market has seen calm, mostly bullish trading over the last 24 hours. Bitcoin has managed to stay flat, while Ethereum gained only 0.19 percent. The top performers from the major altcoins for the day are Solana, VeChain, and Avalanche, as they saw quick spikes higher over the past hours.
Bitcoin price movement in the last 24 hours: Bitcoin retests $48,000 again, looks to retrace
BTC/USD traded in a range of $46,746.21 – $47,807.09, indicating small volatility over the last 24 hours. Trading volume has declined by 9.74 percent, totaling $31.933 billion, while the total market cap still trades around $894 billion, resulting in a dominance of 41.9 percent.
BTC/USD 4-hour chart: BTC looks to retrace
On the 4-hour chart, we can see the $47,000 mark being tested as bulls are exhausted, potentially indicating a slight break lower later today.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen a steady advance over the last weeks continue. After slight consolidation below $45,000 over the weekend, BTC/USD quickly spiked above $46,000 next major resistance.
Over the following day, more upside was tested until the $48,000 mark was reached. From there, initial rejection for upside was seen late on Monday, leading to consolidation slowly forming above $47,000.
However, considering the sharp advance previously, the Bitcoin price action is likely over-extended as of now. Therefore, the most likely scenario should be steady retracement towards previous resistance levels at $46,000 and $47,000. Once another higher local low is set, bullish momentum should return as the medium-term market sentiment remains strong.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen the market fail to reach further upside over the last 24 hours. Likely retracement is needed next before bulls regain strength for further tests of upside.