Bitcoin price analysis: BTC rejects upside at $42,000 again, ready to drop?
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TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD still holds below $42,000.
- Rejection for upside seen again over the past hours.
Bitcoin price analysis is bearish today as we have seen consolidation below $42,000 resistance over the last 24 hours and rejection for further upside again later today. Therefore, BTC/USD is ready to reverse and retrace some of the previous gains.
The crypto market is still in the green over the last 24 hours. The market leader, Bitcoin, has gained 2.99 percent, while Ethereum follows with 1.87 percent. Meanwhile, the rest of the top altcoins have posted similar results, with signs of reversal soon to come.
Bitcoin price movement in the last 24 hours: Bitcoin consolidates below $42,000
BTC/USD traded in a range of $41,038.10 – $41,847.16, indicating low volatility over the last 24 hours. Trading volume has declined by 44 percent, totaling $16.55 billion. Meanwhile, the total market cap trades around $790.16 billion, resulting in a market dominance of 41.47 percent.
BTC/USD 4-hour chart: BTC rejects upside again
On the 4-hour chart, we can see the Bitcoin price action making the last test of upside over the past hours before the retracement likely begins early next week.
Bitcoin price action has shown strength this week with a massive rally to the $42,000 mark. After breaking below the previous low earlier this week, BTC/USD market structure sent doubts about whether the slow rally will continue.
However, after support was found at $36,500, BTC quickly regained strength at the end of Friday, pushing above the previous high. The $42,000 mark was reached overnight to Saturday, resulting in a consolidation formed since.
The consolidation has since indicated the end of the rally and an upcoming retracement. Over the last couple of hours, the Bitcoin price action made a quick test of upside again, with rejection seen immediately. Therefore, BTC/USD is likely now ready to begin retracing, likely leading to a higher low set during the first half of next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen another rejection for upside over the last hours. Considering the previous consolidation below $42,000, we can assume BTC/USD is now ready to retrace and look to set a higher low early next week.
While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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