Bitcoin Price Analysis: BTC retraces further, ready to move below $46,000?
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TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD saw further upside tested yesterday.
- Selling pressure has slowly returned.
Bitcoin price analysis is bearish today as we expect the current consolidation around $49,000 to end with another swing lower high set. Therefore, BTC/USD should continue even lower later today, with the $46,000 support likely broken by the end of the week.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin has gained 2.5 percent, while Ethereum has gained 8.81 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of over 15 percent.
Bitcoin price movement in the last 24 hours: Bitcoin tests more upside, fails to reach $50,000
BTC/USD traded in a range of $46,870.85 – $49,473.96, indicating substantial volatility over the last 24 hours. Trading volume has increased by25.39 percent, totaling $35.96 billion. Meanwhile, the total market cap trades around $918 billion, resulting in a market dominance of 40.52 percent.
BTC/USD 4-hour chart: BTC looks to move lower again?
On the 4-hour chart, we can see another lower high currently established as further upside could not be reached.
Bitcoin price has seen a steady decline over the past week. After a strong spike lower on the 4th of December, when a new major swing low was set at $42,500, BTC/USD saw a quick reaction higher over the following days.
A new swing high was set at $52,000, with bearish momentum returning since. A clear lower low has been set twice, with the last one reaching the $46,000 mark by the 13th of December.
Since then, the Bitcoin price action has seen a slow upswing, leading to the current consolidation around $49,000. Therefore, as long as BTC/USD does not suddenly regain bullish momentum, we expect another wave lower to follow later this week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect another drop lower to follow over the next 24 hours. Since ETH/USD rejected further upside today, bears are likely ready to take over the momentum again.
While waiting for Bitcoin to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.
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