Today’s Bitcoin price analysis is bearish as we saw a strong higher high at $21,500 and have not been able to move higher since then. It is likely that Bitcoin/USD will begin to decline overnight, leading to another lower low.
The market has been trading with an upward movement in the last 24 hours. Bitcoin, the leader, gained 2.52 percent, while Ethereum gained 0.82 percent. Meanwhile, most of the top altcoins experienced even better gains.
Bitcoin price movement in the last 24 hours: Bitcoin continued to advance
BTC/USD traded in a range of $20,751.71 to $21,446.89, indicating significant volatility over the past 24 hours. Trading volume decreased by 21.68 to total $45.33 billion, while the total market value was traded at around $409 billion, resulting in a market dominance of 38.51%.
Bitcoin/USD 4-Hour Chart: Bitcoin Looks To Retrace Next?
On the 4-hour chart, we can see a clear high at the next resistance at $21,500, which probably means that it will continue again in the next 24 hours as buyers are probably tired.
Bitcoin price action in the second half of October has seen the return of strong bullish momentum. After the last major bearish test at $18,800, BTC/USD saw a strong advance towards the $21,000 mark and a retest towards the end of the month.
From there, clear support and a low were set at around $20,000 at the start of the week. As soon as the bulls broke above $20,400, buying pressure returned, causing BTC to finally break through the previous $21,000 resistance and climb to the $21,500 mark.
Since then, Bitcoin’s price action has started to show signs of a reversal. BTC/USD is likely to sell off overnight and is likely to return below $21,000 in the next 24 hours.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis today is bearish as we saw a clear respect for the $21,500 resistance this morning after a quick rally of over 7%. Therefore, BTC/USD should see price declines for the rest of the weekend, possibly retrieving its lows before continuing to rally further into next week.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.