TL; DR failure
- Bitcoin price analysis is declining today.
- Bitcoin / dollar returned above $ 41,000 yesterday.
- The uptrend crossed the local resistance at $ 42,500.
Bitcoin price analysis is declining today because in the past few hours we have seen a sharp rise in the price of bitcoin to the level of $ 43,500. Most likely, BTC / USD has reached its peak and sets another high, below which it continues below.
The market has returned to an uptrend in the last 24 hours. Bitcoin, the market leader, grew 3.23 percent and Atrium 4.62 percent. Meanwhile, the rest of the top altcoins are followed with similar results.
Bitcoin price movement in the last 24 hours: Bitcoin jumped to $ 43500 and gained the previous loss.
BTC / USD traded in the range of 41637.29 to 43413.02 $, which shows significant fluctuations in the last 24 hours. Trading volume fell 27.35 percent to $ 16.9 billion, while the total market value was about $ 819 billion, leading to a market dominance of 40.17 percent.
4-hour Bitcoin / Dollar Chart: Bitcoin stops at $ 43,500
In the 4-hour chart, we can see that the price of bitcoin has been rising rapidly in the past few hours, probably because BTC seems to be recording another higher lows.
The price of bitcoin has been steadily declining over the past few days. BTC / USD quickly changed to $ 42,000 after we had previously set a strong strong at $ 44,000. From there, the lower pressure could not reach new heights and created a lower peak.
Since then, bitcoin has risen more than 6 percent to $ 41,200, which was tested yesterday. The slight recovery happened overnight, but stopped with the previous resistance of $ 42,500.
After another brief push, the price of Bitcoin began to rise today. Acceleration has increased over the past few hours, eventually bringing the BTC / USD to $ 43,500. Another high is likely to be set now, and BTC could continue its uptrend later today.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today because we expect a reversal after a rapid recovery from previous losses in the past few hours. BTC / USD is likely to record another high and will decline later this week.
While you wait for more bitcoin to move, check out our articles on Coinbase Vault vs Wallet, Cardano Price Forecasts, and Crypto Tax Loss Receipts.