https://ift.tt/3qAMPb3 Price Analysis: BTC rejects more upside at $48,500, selloff incoming?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• BTC/USD spiked to $48,500 this morning.
• Rejection for further upside is currently seen.

Bitcoin price analysis is bearish today as we saw further upside rejected over the past hours after a spike higher. Therefore, BTC/USD is likely ready to reverse and test more downside again.

The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 1.29 percent, while Ethereum has 1.78 percent. Algorand (ALGO) is among the top performers today, with a gain of over 5 percent.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates around $48,000, tests more upside

BTC/USD traded in a range of $46,821.15 – $48,472.53, indicating substantial volatility over the last 24 hours. Trading volume has increased by 13.56 percent, totaling $34 billion. Meanwhile, the total market cap trades around $907 billion, resulting in a market dominance of 40.32 percent.

BTC/USD 4-hour chart: BTC rejects more upside at $48,500

On the 4-hour chart, we can see the Bitcoin price making a spike higher this morning, with selling pressure returning shortly after, creating a large rejection wick on the 4-hour candle.

Bitcoin price saw strong bullish momentum last week. After quickly setting a strong higher high at $51,500, more upside was briefly tested at $52,000 on the 27th of December.

This time, BTC/USD did not break much higher, leading to a quick reversal. Over the following 24 hours, BTC broke past the previous low at $49,500, signaling trend direction change.

More downside followed over the next days until previous major support at $46,000 was reached on Wednesday. Some recovery has been seen since. However, considering the rejection seen over the past hours, we expect the Bitcoin price action to decline again over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect a reversal to follow after the upside was rejected earlier today. Likely BTC/USD is ready to reverse and continue along with the several-day bearish trend.

While waiting for Bitcoin to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.