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Bitcoin Price Analysis: Bitcoin shows signs of weakness at $ 48,500, is it reversing today?

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis is declining today.
  • BTC / USD still can not break the resistance of $ 48,500.
  • Bitcoin is set to return today.

Bitcoin price analysis is declining today as the further uptrend in the last 24 hours fell below the resistance of $ 48,500. Therefore, we expect BTC / USD to return in the next 24 hours.

Bitcoin Price Analysis: Bitcoin shows signs of weakness at $ 48,500, is it reversing today?  1
Encrypted currency heat map Source: Coin360

The cryptocurrency market has been in the green for the past 24 hours. Bitcoin increased by 2.17% and Atrium by 3.94%. Tezos (XTZ) is among the best actors with a 15% increase.

Bitcoin price movement in the last 24 hours: Bitcoin found resistance at $ 48,500

BTC / USD traded in the range of $ 46,811.76 – $ 48,436.01, which shows a strong fluctuation in the last 24 hours. Trading volume decreased by 18.57% to a total of $ 32.12 billion, while the total market value is trading at about $ 899 billion, leading to a 42.49% market dominance.

4-hour chart BTC / USD: Is BTC ready to reverse?

In the 4-hour chart, we can see the bitcoin price move in its uptrend, which shows that the corrections will be followed later today.

Bitcoin Price Analysis: Bitcoin shows signs of weakness at $ 48,500, is it reversing today?
4-hour chart BTC / USD. Source: TradingView

In recent weeks, bitcoin price measures have stabilized in an increasing range. After a sharp drop on September 20, support was found around $ 41,000.

Over the next week, BTC / USD traded above the support level and reached its highest level several times. However, after re-testing support on September 30, BTC finally reached its highest level yesterday.

What happened next was higher than the next resistance at $ 46,500. Eventually, the price reached $ 48,500 and the cows got tired in the last few hours. In general, the bitcoin price action should be reversed in the coming hours and some of the profits returned over the weekend.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bearish in the next 24 hours as resistance at $ 48,500 has slowed progress. Therefore, BTC / USD is likely to reverse some of the gains of the last 24 hours and follow again.

As you wait for more bitcoin to move, read our guide on how to create NFT art, NFT markets, and review Coinbase wallets.

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.