TL; Fault DR
- Bitcoin price analysis shows a downward trend today.
- BTC / USD reached $ 48,000 overnight at its previous high.
- The market price did not rise.
Bitcoin price analysis is bearish for today as the $ 48,000 resistance once again prevented further uptrend. Therefore, we assume that BTC / USD returns to the previous lowest level and sets the basis for moving higher from there.
The cryptocurrency market has been in the green for the past 24 hours. Bitcoin grew 0.45% and Atrium 2.04%. Solana (SOL) is among the best actors with a 38% increase.
Bitcoin price movement in the last 24 hours: Bitcoin could not break $ 48,000 again
BTC / USD traded in the range of $ 45,704.89 – $ 47,998.10, indicating slight volatility in the last 24 hours. Trading volume increased by 13.66% to $ 33.3 billion, while the total market capitalization was about $ 870.6 billion, resulting in 43.54% market dominance.
4-hour chart BTC / USD: BTC is set to test the previous low again
In the 4-hour chart, we can see the bitcoin price move again in the past hours to retest the lowest level.
Bitcoin price action has seen a significant increase in recent weeks. BTC / USD set a basis for moving upwards after returning to the $ 38,000 mark in early August.
On August 6, the previous high was broken and the market reached $ 48,000, which means an increase of about 25%. In addition, the high resistance of the previous swing was broken around $ 41000-42000, which indicates that the overall structure of the market has risen again.
However, the bitcoin price trend has dropped dramatically over the past week, with only a slightly higher level set each time. This could lead to another strong rebuild in the last month of this week, with the previous significant resistance of $ 42,000 possibly re-tested as support.
For now, we can see that BTC / USD continues to respect the $ 48,000 resistance as more uptrend was seen overnight. Bitcoin has since returned to its lowest level, around $ 45,500, which is likely to break the current uptrend if broken.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish in the next 24 hours as another failure to cross the $ 48,000 mark was observed overnight. BTC / USD rose today, indicating that the previous price of around $ 45,500 is being tested again today.
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.
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