TL;DR Breakdown
Bitcoin price analysis is bearish today.Bitcoin rejected upside again late yesterday.Selling pressure increased over the last hours again.
Bitcoin price analysis is bearish today as we have seen rejection for further upside and steady decline along the previously formed trendline. BTC/USD, therefore, should see a further decline, likely to the $45,000 support.
Cryptocurrency heat map. Source: Coin360
The market has turned bearish over the last 24 hours. The leader, Bitcoin, has declined by 1.57 percent, while Ethereum by 1.96 percent. Meanwhile, the rest of the top altcoins follow, with Avalanche being among the biggest losers.
Bitcoin price movement in the last 24 hours: Bitcoin rejects upside, moves below $46,000
BTC/USD traded in a range of $45,626.95 – $47,313.48, indicating substantial volatility over the last 24 hours. Trading volume has increased by 24.83 percent, totaling $29.2 billion, while the total market cap trades around $868.835 billion, resulting in market dominance of 41.09 percent.
BTC/USD 4-hour chart: BTC targets $45,000 next?
On the 4-hour chart, we can see the Bitcoin price action continuing to decline as the $46,000 failed to hold.
BTC/USD 4-hour chart. Source: TradingViewÂ
Bitcoin price action has seen a reversal over the weekend. After previously setting a new higher high at $48,000, BTC/USD quickly dropped to $45,000, where a higher low was set.
However, the following rally did not last for long. BTC set a lower local high at $47,000 and formed a clear descending trendline of resistance. Since then, a steady decline has been seen along the trendline, indicating that more downside should be tested soon.
Likely the next target at $45,000 will be broken over the next 24 hours. From there, an important level to watch is the previous local low at $44,500. If this support breaks, a lot more downside can be expected for the Bitcoin price action later in the month.
Bitcoin price analysis: ConclusionÂ
Bitcoin price analysis is bearish today as we have seen clear rejection for upside and a steady move below $46,000. Therefore, BTC/USD is likely headed to test further downside, with the closest support located at $45,000.
While waiting for Bitcoin to move further, see our articles on Web3 Startups, How to buy Terra, and How to stake Algorand.
