- Bitcoin price analysis is bearish for today.
- BTC/USD continued to decline overnight.
- Bitcoin broke past the $48,000 support.
Bitcoin price analysis is bearish today as the market continues to decline after reaching the $50,000 mark earlier today. Therefore, we expect BTC/USD to see further downside later today and retrace even more of the gain seen last week.
The cryptocurrency market traded with a bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both down, with a loss of 1.61 and 2.96, respectively. Meanwhile, Solana (SOL) is among the worst performers, with a loss of 8.6 percent.
Bitcoin price movement in the last 24 hours: Bitcoin continued to decline overnight
BTC/USD traded in a range of $47,163.61 – $49,407.67, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.39 percent and totals $32.96 billion, while the total market cap trades around $898.6 billion, resulting in the market dominance of 43.84 percent.
BTC/USD 4-hour chart: BTC set for a further decline?
On the 4-hour chart, we can see the Bitcoin price continuing to decline over the last 24 hours, with the $48,000 support broken.
Bitcoin price action has seen a substantial increase over the past month. After retesting the $29,500 support, BTC/USD started to advance rapidly, with the $42,000 mark reached at the end of July.
From there, the next wave up saw the $48,000 mark tested, with the following retracement to the $44,000, where the current swing low stands. Late last week, Bitcoin price continued to rally and finally breached the $50,000 mark.
However, the upside was quickly rejected, sending the Bitcoin price in another retracement. Overnight, BTC moved below the $48,000 support and tested the $47,000 mark. Overall, this price action development should lead Bitcoin towards further downside over the next 24 hours as bears want to retrace further.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the next 24 hours as the market continues to retrace from the $50,000 major resistance. Therefore, BTC/USD is expected to retrace even more of the last week’s gains.
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