TL; Fault DR
- Bitcoin price analysis indicates a downward trend that should be followed.
- BTC / USD failed to break $ 48,000 yesterday.
- Bitcoin reached its lowest level overnight.
Bitcoin price analysis is bearish for today as the market lacks momentum to cross the $ 48,000 mark and recorded a slightly lower value overnight. Therefore, we assume that BTC / USD continues to decline and could begin a multi-day return to the $ 42,000 high resistance level.
The cryptocurrency market has been trading with different results in the last 24 hours. Bitcoin, the market leader, rose 0.1 percent as bears slowly lowered it, while Atrium rose 0.59 percent. Solana (SOL) is among the best mainstream actors with an increase of 11.7%.
Bitcoin price movement in the last 24 hours: Bitcoin can not reach the resistance of $ 48,000
BTC / USD traded in the range of $ 45,384.27 – $ 47,139.57, which shows a slight fluctuation in the last 24 hours. Trading volume increased by 1.78% to $ 32.8 billion. Meanwhile, the total market value is trading at about 872 billion dollars, which leads to 43.58% market dominance.
4-hour chart BTC / USD: Set to $ 42,000 for correction?
In the 4-hour chart, we see that the price of Bitcoin has not been able to rise further in recent days, which indicates that bears are likely to take over the market later this week.
The price of bitcoin has risen rapidly in recent weeks. However, BTC / USD has not rushed to reach the peak of resistance above $ 48,000 over the past few days. Since it was only slightly higher than late last week and re-tested early yesterday, it can be assumed that the market could reach its lowest point in the next 24 hours.
Overnight, Bitcoin hit a slightly lower level of around $ 45,300, indicating a slight change in movement. From there, BTC climbed higher today as the cows wanted to test the $ 48,000 mark for the third time. However, unless the resistance is broken, Bitcoin is set for a few days correction.
The potential target to watch out for is around $ 41,000 – $ 42,000 of the previous significant fluctuation. In terms of support, the price of Bitcoin should set a new major volatility at its lowest level, which is likely to lead to a much higher rise in the coming weeks.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today as the market lacks momentum to break the $ 48,000 resistance. Therefore, we expect the BTC / USD to move later today and begin a multi-day reversal to re-test the previous high resistance at around $ 42,000 as support.
As you wait for more Litecoin to move, read our articles on Physical Bitcoin, Bitcoin Futures as well as the NFT Marketplace.
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