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- Bitcoin price analysis is bearish today.
- BTC/USD saw further upside tested during the middle of the day.
- Rejection seen at $45,000.
Bitcoin price analysis is bearish today as we have seen a retest of $45,000 previous major swing higher being met with rejection. Therefore, BTC/USD should head into a retracement that sets another higher low over the weekend.
The market has mostly traded in the red over the last 24 hours as rejection four further upside are seen across the board. The market leader, Bitcoin, is still in the green with a 0.58 percent gain, while Ethereum has already retraced to negative 0.29 percent.
Bitcoin price movement in the last 24 hours: Bitcoin fails to reverse, spikes to $45,000
BTC/USD traded in a range of $43,706.29 – $44,999.49, indicating substantial volatility over the last 24 hours. Trading volume has remained almost flat at $30.4 billion, while the total market cap trades at $839.4 billion, resulting in a dominance of 42.24 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see the Bitcoin price action starting to push lower as bulls are exhausted.
Bitcoin price action has seen more upside this week. Since the break of $42,500 previous swing high, BTC/USD has seen another strong push higher since the beginning of the 23rd of March.
After more upside yesterday and overnight to today, BTC spiked as high as the $45,000 next resistance, meaning that bulls show strong signs that the overall several-month bearish momentum should be reversed soon.
However, first, we expect another retracement that sets another higher low. A potential area where support could be found is around $43,200, as local resistance was previously seen there.
In case another higher low is set, and the $45,000 mark gets broken, we can expect a lot more upside over the next months. Therefore, this is the key area to watch for next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has set another higher local high at a very strong resistance of $45,000. Therefore, retracement should follow next, likely leading to another higher local low set before more upside is tested.
While waiting for Bitcoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO