TL; Fault DR
- Bitcoin price analysis is down for the rest of the day.
- BTC / USD has seen rapid progress over the past few hours.
- $ 48,000 resistance was found.
Bitcoin price analysis is bearish for today as a rapid upside from the previous high was observed earlier today until resistance reached $ 48,000. Therefore, we expect BTC / USD to return some gains in the next 24 hours.
The general market traded with a strong uptrend in the last 24 hours. Bitcoin is the market leader at 8.84%, while Atrium is up 7.07%. The rest of the top altcoins are followed by an increase of 7-9%.
Bitcoin price movement in the last 24 hours: Bitcoin reached above $ 46,500
BTC / USD traded in the range of $ 42,860.13 – $ 47,803.51, which indicates a lot of volatility in the last 24 hours. Trading volume increased by 26.46% to $ 38.97 billion, while the total market value is trading at about $ 897 billion, resulting in 43.1% market dominance.
4-hour chart BTC / USD: Is BTC reversed from $ 48,000?
In the 4-hour chart, we can see some initial reversals for a further climb to $ 48,000 after a sharp rise earlier today.
The general market has been trading with a lateral stabilization in recent weeks. After a sharp drop of $ 48,500 on September 20, support initially reached $ 40,000.
The following reaction to the climb set its lowest price at $ 45,000, which led to a further decline, this time to $ 41,000. The $ 41,000 support was later re-tested several times and the following reaction peaked.
Thus, the bitcoin price action had created a tighter consolidation range, which was finally broken today. The climb continued further up to $ 48,000, where it is currently passing, indicating a potentially high local volatility.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish in the next 24 hours as the market is expected to return to the $ 48,000 mark earlier today after a strong jump. Therefore, BTC / USD can see the previous resistance at $ 44,000 again as support over the weekend.
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