TL; Fault DR
- Bitcoin price analysis indicates a downward trend that should be followed.
- BTC / USD continued to reach its highest level.
- BTC tests $ 44,000 support.
Bitcoin price analysis is bearish in the next 24 hours as a further overnight decline was observed and $ 44,000 support is currently being tested. Therefore, we expect BTC / USD to outperform and continue to move later this week.
The overall market traded with different results and the market leaders, Bitcoin and Atrium lost about 1.6-1.8%. Cardano (ADA) is among the best actors with an increase of more than 5%.
Bitcoin price movement in the last 24 hours: Bitcoin is testing support at $ 44,000
BTC / USD traded in the range of $ 43,998.32 – $ 45,952.06, which shows a slight fluctuation in the last 24 hours. The total trading volume is $ 30.2 billion, down 13.72%, while the total market capitalization is about $ 834.8 billion, resulting in 44% market dominance.
4-hour chart BTC / USD: Is BTC targeting the next $ 42,000?
In the 4-hour chart, we see that the price of Bitcoin is preparing to break the $ 44,000 support, which should lead to a significant resistance of $ 42,000 in the future.
The price of bitcoin has risen significantly over the past month. BTC / USD rose more than 45 percent to $ 42,000 after setting a new swing at around $ 29,500 on July 20.
Since the resistance, BTC has returned to $ 38,000 and rose more in the first half of August, this time reaching $ 48,000. However, the cows have lost their momentum again because it is not possible to climb further in the last week.
What followed was a $ 48,000 price correction earlier this week, while the $ 44,000 mark now keeps the Bitcoin price from falling further. Given the downtrend in recent days, we expect the BTC / USD to later break above the $ 44,000 support and reach the previous resistance of $ 42,000, which is now being re-tested as support.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining for today as the market moved lower overnight and now stands at $ 44,000 support. Therefore, we expect the BTC / USD to continue to fall, reaching $ 42,000 support later this week.
As you wait for more bitcoin to move, read our articles on the future of bitcoin, decentralized exchanges, and the NFT market.
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