Bitcoin price analysis is bearish today.BTC/USD saw a quick recovery yesterday.Resistance was found at $47,000 overnight.
Bitcoin price analysis is bearish today as we have seen a quick rally higher end at the $47,000 mark overnight. Likely BTC/USD is not yet ready to test further higher highs and needs more retracement and consolidation.
Cryptocurrency heat map. Source: Coin360
The market has traded mostly in the green over the last 24 hours. Bitcoin could not manage to regain its previous loss and trades at a 0.42 percent loss, while Ethereum has gained 0.51 percent.
Bitcoin price movement in the last 24 hours: Bitcoin shows signs of reversal again
BTC/USD traded in a range of $46,080.40 – $47,028.28, indicating a moderate amount of volatility. Trading volume,e has declined by 29.81 percent, totaling $31.1 billion, while the total market cap trades around $881.4 billion, resulting in market dominance of 40.89 percent.
BTC/USD 4-hour chart: BTC looks for another push lower?
On the 4-hour chart, we can see selling pressure returning again for the Bitcoin price action as the $47,000 mark offers plenty of resistance.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price has reached another several-month high this week. After another strong rally at the beginning of the week, BTC/USD saw the $48,000 mark reached on the 28th of April.
Consolidation followed later in the week, eventually leading to a quick drop below $45,000 previous resistance turned support. Since another strong higher local low was set, the market structure still remains bullish and more upside can be expected later in the month.
However, yesterday’s spike higher resulted in a rejection around $47,000. Therefore, more downside likely needs to be retested first, meaning that we can expect more downside by the end fo the week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen sharp rejection at $47,000 and slightly bearish consolidation formed since this morning. Therefore, BTC/USD is likely headed for another test of the downside, potentially leading to a lot more downside over the weekend.