TL; Fault DR
- Bitcoin price analysis is declining for today.
- BTC / USD reached $ 50,000 overnight resistance.
- Bitcoin is likely to fall behind again today.
Bitcoin price analysis is bearish as the market reaches the key resistance of $ 50,000 and shows signs of resistance. Therefore, we expect the BTC / USD to reverse today and is expected to reach its lowest level later this week before continuing the uptrend.
The cryptocurrency market traded upwards in the last 24 hours. Bitcoin grew 2.31% and Atrium 0.64%. Dogecoin (DOGE) has the best performance with a 5.33% increase.
Bitcoin price movement in the last 24 hours: Bitcoin rises to $ 50,000
BTC / USD traded in the range of $ 47,433.60 – $ 50,343.42, which shows a strong fluctuation in the last 24 hours. The trading volume is $ 39 billion, which is 4.23% more than yesterday. Meanwhile, the total market value is traded at about $ 931.4 billion, which leads to 41.95% market dominance.
4-hour chart BTC / USD: Is BTC reset?
In the 4-hour chart, the price of Bitcoin is trying to break the $ 50,000 resistance, which indicates a reversal of the future.
Bitcoin price trends have changed over the past week. After a few weeks of rally, resistance was found on August 23 at $ 50.00.
From there, the market began to move in the opposite direction, with $ 46,500 set as support. After failing to reach the peak on August 28, BTC / USD reversed again and tested the $ 46,500 support again on Tuesday.
However, due to the support, the price of Bitcoin climbed again yesterday and reached the resistance of $ 50,000 again. A further rise today could not be determined, most likely pushing Bitcoin to another correction later this week.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is down for today because today’s market price did not exceed $ 50,000. Therefore, we expect the BTC / USD to reverse and appear to be at its lowest level later this week.
As you wait for more bitcoin to move, read our articles on packaged Bitcoin, decentralized exchanges, and the NFT market.
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