TL; Fault DR
- Bitcoin price analysis is declining for today.
- BTC / USD experienced a further overnight decline.
- The lowest level of previous market testing is around $ 44,000.
Bitcoin price analysis is down for today because we have seen a slow decline from the current $ 48,000 in recent days and we expect this movement to continue later this week. Thus, BTC / USD will later reach the $ 42,000 mark.
The cryptocurrency market traded down in the last 24 hours as most Altcoins fell. Bitcoin lost 3.55 percent and Atrium lost about 6.8 percent. Meanwhile, Solana (SOL) is still among the best actors with an increase of 11.43%.
Bitcoin price movement in the last 24 hours: Bitcoin fell to $ 44,000
BTC / USD traded in the range of $ 44,364.03 – $ 46,792.32, which shows a slight fluctuation in the last 24 hours. Trading volume increased by 3.45% to $ 34 billion. Meanwhile, the total market value is about $ 844.6 billion, which leads to a market dominance of 44.45%.
4-hour chart BTC / USD: BTC then targets $ 42,000?
In the 4-hour chart, we can see a decline in the price of bitcoin, which indicates that we may see a further decline this week.
The price of bitcoin has risen sharply in recent weeks, as support at the $ 42,000 mark was set at around $ 38,000 in early August.
BTC / USD rose almost 30% until the uptrend slowed to below $ 48,000. Since only slightly higher peaks were set, the bears slowly began to move in the market and regained some of their gains.
In general, this price movement indicates a downtrend that should be followed later this week. The price of Bitcoin is likely to reach its lowest level, with $ 42,000 likely to support the previous significant fluctuation.
If BTC finds support around $ 42,000 and sets another low, we can expect Bitcoin to rise in about a month and target $ 50,000 in the future.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish for today as the market falls from the highest local fluctuation of $ 48,000. Unless BTC / USD finds strong support, we expect a further decline later this week.
As you wait for more Litecoin to move, read our articles on the future of Bitcoin, physical Bitcoin as well as the NFT market.
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