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Bitcoin Price Analysis: BTC continues to decline, ready to break below the $44,000 support? 

Cryptopolitan


TL;DR Breakdown

  • Bitcoin price analysis indicates a bearish movement to follow.
  • BTC/USD continued to set lower highs.
  • BTC tests the $44,000 support.

Bitcoin price analysis is bearish for the next 24 hours as a further decline was seen overnight and the $44,000 support currently gets tested. Therefore, we expect BTC/USD to break through the support and continue moving lower later this week.

Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results, with the market leaders, Bitcoin and Ethereum losing around 1.6-1.8 percent. Cardano (ADA) is among the best performers, with a gain of more than 5 percent.

Bitcoin price movement in the last 24 hours: Bitcoin tests the $44,000 support

BTC/USD traded in a range of $43,998.32 – $45,952.06, indicating mild volatility over the last 24 hours. The trading volume totals $30.2 billion, down 13.72 percent, while the total market capitalization trades around $834.8 billion, resulting in market dominance of 44 percent.

BTC/USD 4-hour chart: BTC targets $42,000 next?

On the 4-hour chart, we can see the Bitcoin price action preparing to break below the $44,000 support, which should lead towards the $42,000 previous significant resistance next.

Bitcoin Price Analysis: BTC continues to decline, ready to break below the $44,000 support?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen a substantial advance over the past month. After setting a new swing low around the $29,500 mark on the 20th of July, BTC/USD rallied more than 45 percent to the $42,000 mark.

From the resistance, BTC retraced to $38,000 and saw a further rally over the first half of August, this time reaching $48,000 resistance. However, bulls have lost momentum again as further higher highs could not be set last week.

What followed was a retracement from the $48,000 mark earlier this week, with the $44,000 mark currently holding the Bitcoin price from further downside. Considering the bearish momentum over the past days, we expect BTC/USD to break below the $44,000 support later today and move to the $42,000 previous resistance, which will now be retested as support.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish for today as the market continued to move lower overnight and currently looks to breaks past the $44,000 support. Therefore, we expect BTC/USD to continue to decline and reach the $42,000 support later this week.

While waiting for Bitcoin to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, and NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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