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Bitcoin Price Analysis: BTC continues to retrace, moves past the $48,000 support

Cryptopolitan


TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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 Analysis: BTC continues to retrace, moves past the $48,000 support
BTC/USD 4-hour chart. Source: TradingView

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.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as 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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