TL; Fault DR
- Bitcoin price analysis is declining for today.
- The BTC / USD downtrend continued overnight.
- Bitcoin surpassed $ 48,000 support.
Bitcoin price analysis is down today as the market continues to decline after reaching the $ 50,000 mark earlier today. Therefore, we expect the BTC / USD to fall further later and return even more than last week’s profit.
The cryptocurrency market traded down in the last 24 hours. Market leaders Bitcoin and Atrium both fell, losing 1.61 and 2.96, respectively. Solana (SOL), meanwhile, is among the worst performers, losing 8.6 percent.
Bitcoin price movement in the last 24 hours: The downward trend of bitcoin continued overnight
BTC / USD traded in the range of $ 47,163.61 – $ 49,407.67, indicating slight volatility in the last 24 hours. Trading volume fell 6.39 percent to a total of $ 32.96 billion, while the total market value was trading at about $ 898.6 billion, resulting in 43.84% market dominance.
4-hour chart BTC / USD: Is BTC ready for further decline?
In the 4-hour chart, we can see the price of Bitcoin falling in the last 24 hours, while the support of $ 48,000 has been broken.
The price of bitcoin has risen sharply over the past month. After re-testing support at $ 29,500, BTC / USD started to rise rapidly, reaching $ 42,000 at the end of July.
From there, the next wave experienced a climb of $ 48,000, correcting below $ 44,000, where the current volatility is low. Late last week, the price of Bitcoin continued to rise, eventually crossing the $ 50,000 mark.
However, the uptrend was quickly overturned and the price of Bitcoin was sent in another correction. Overnight, BTC traded below $ 48,000 and tested the $ 47,000 mark. Overall, this price action expansion should push bitcoin further down the next 24 hours as bears want more returns.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish for the next 24 hours as the market continues to retreat from the main resistance of $ 50,000. Therefore, BTC / USD is expected to return even more than last week’s gains.
As you wait for more bitcoin to move, read our articles on packaged bitcoins, decentralized exchanges, and the NFT market.
Disclaimer. The information provided is not a commercial recommendation. Ramzifa.ir is not responsible for the investments made based on the information provided on this page. We strongly recommend independent research and / or consultation with a qualified professional before making an investment decision.