- Bitcoin price analysis is bearish today.
- BTC/USD recovered 17 percent.
- Resistance was found at $50,000.
Bitcoin price analysis is bearish today as we expect the current consolidation below $50,000 to end with another drop later today. BTC/USD likely needs to retest the downside before further recovery can continue.
The cryptocurrency market has seen a selling return after a strong recovery Yesterday. Over the last 24 hours, Bitcoin trades with a gain of 2.33, while Ethereum has increased by 2.68 percent. The rest of the market slowly moves in the red, with Solana and Avalanche already down by more than 5 percent.
Bitcoin price movement in the last 24 hours: Bitcoin recovers 17 percent, starts to consolidate below $50,000
BTC/USD traded in a range of $47,323.99 – $49,768.15, indicating strong volatility over the last 24 hours. Trading volume has declined by 38 percent, totaling $39.26 billion, while the total market cap trades around $927.4 billion, resulting in a market dominance of 40.46 percent.
BTC/USD 4-hour chart: BTC looks to decline again
On the 4-hour chart, we can see the $50,000 preventing further recovery, likely leading the Bitcoin price action to another drop later today.
Bitcoin price has seen a slow decline over the past weeks. With only slightly lower highs set, BTC/USD ended November with a low established around $54,500.
The following retracement set a slightly lower high, around $59,000. After several days of consolidation below the resistance, bearish momentum returned early on Friday.
By the end of the day, the Bitcoin price had broken past the previous low. More downside followed until a strong spike lower to $42,333 was seen early on Sunday. Since then, BTC/USD has reclaimed 17 percent, with the $50,000 mark preventing further upside for now.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as the $50,000 mark could not be broken, leading to a consolidation so far. Therefore, BTC/USD will likely reverse and look to test the downside again over the next 24 hours.