Bitcoin price analysis: BTC falls to $41,750 previous low, more downside incoming?
https://ift.tt/7ZgTBOY
TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD reversed from $44,500 resistance yesterday.
- The previous low at $41,750 is currently tested.
Bitcoin price analysis is bearish today as we saw a strong push lower today after consolidation below the $44,500 resistance yesterday. Since the bearish momentum is strong, we expect more downside to be reached soon, opening the way to the next major support at $40,400.
The market has turned red over the last 24 hours. The leader, Bitcoin, has lost 4.05 percent, while Ethereum by 3.57 percent. The rest of the top altcoins follow close by.
Bitcoin price movement in the last 24 hours: Bitcoin rapidly declined, tests previous low
BTC/USD traded in a range of $41,950.44 – $44,309.03, indicating strong volatility over the last 24 hours. Trading volume has increased by 13 percent, totaling $23.6 billion, while the total market cap trades around $796.23 billion, resulting in a dominance of 41.84 percent.
BTC/USD 4-hour chart: BTC ready to break $41,750?
On the 4-hour chart, we can see the Bitcoin price rapidly declining over the last hours, likely leading to a strong lower low set later today.
Bitcoin price action has sen a strong advance over the past weeks. After the last push higher on the 10th of February, a new swing high was set just below $46,000.
From there, a higher low was set around $41,750, with consolidation forming for several days. On the 15th of February, BTC/USD spiked higher until the $44,500 mark, where a clear lower high was set.
Yesterday, the Bitcoin price consolidated below the newly found resistance, preparing to reverse back to the downside. More downside indeed followed later today, leading BTC/USD back to the $41,750 previous local low.
Overall, as the selling pressure still remains strong, we expect BTC to break even lower by the end of the day. Once the support is broken, we expect a swift move to the next major support at $40,000 by the end of the week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a strong lower high set at $44,500 and a sharp decline from the resistance today. Therefore, we expect BTC/USD to head lower over the next 24 hours and look to test the $40,000 mark next.
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.
Cryptocurrency
