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Bitcoin Price Analysis: BTC Cannot Violate $ 47,000, Set to Reverse?

 تاریخ انتشار :
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  Bitcoin

TL; Fault DR

  • BTC continued to rally yesterday.
  • The $ 47,000 resistance is still going strong.
  • Bitcoin is set to be reversed today.

Bitcoin price analysis shows that bearish price action is taking place in the next 24 hours, because after another test of resistance at $ 47,000, no further climb can be made. Therefore, we expect the BTC / USD to reverse yesterday today and move towards the $ 42.00 support later this week.

Bitcoin Price Analysis: BTC Cannot Violate $ 47,000, Set to Reverse?  5
Encrypted currency heat map Source: Coin360

The cryptocurrency market has been trading slightly higher in the last 24 hours. Bitcoin and Atrium market leaders grew 1.68 and 2.54 percent, respectively. Meanwhile, Cardano (ADA) has grown by 16% and is one of the best actors overall.

Bitcoin price movement in the last 24 hours: Bitcoin is testing resistance at $ 47,000

BTC / USD traded in the range of $ 44,705.56 – $ 46,520.67, which shows the instability of milf in the last 24 hours. Trading volume fell 9 percent to $ 33.4 billion, while total market capitalization was about $ 866.5 billion, resulting in a 45.3 percent market dominance.

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

In the 4-hour chart, we see that Bitcoin price performance failed to break the $ 47,000 resistance, which should move towards correction later this week.

Bitcoin Price Analysis: BTC Cannot Violate $ 47,000, Set to Reverse?
4-hour chart BTC / USD. Source: TradingView

Bitcoin prices continued to rise last week after hitting just above $ 41,000 at the end of July. From there, BTC / USD moved again and set a certain low to reach a higher level in the following days.

After that, the accumulation of more than 20% reached $ 47,000. The BTC / USD slowed down and failed to reach its peak today, indicating market fatigue after a sharp rise.

The bitcoin price move should move to another correction later this week, as the previous resistance of $ 41,000-42,000 is likely to act as support this time around. Hence, the BTC / USD should rise further later this month and try to reach the next resistance area around $ 53.00.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining in the coming days as the market failed to break the $ 47,000 resistance and has since slowed its growth. Therefore, BTC / USD needs another correction in the coming days before trying to rise again.

While you wait for more Litecoin to move, read our articles on the future of bitcoin, physical bitcoin as well as stock vs. proof of work.

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.