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Bitcoin Price Analysis: BTC retraces to $46,000, set for a swift rally?

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TL;DR Breakdown

  • BTC reached the $48,000 mark overnight.
  • BTC/USD retraced overnight.
  • Bitcoin aims to set another higher low.

Bitcoin price analysis is bullish for today as retracement was seen overnight, and another higher low currently gets established. Therefore, we expect BTC/USD to rally higher today and continue its way higher.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin is down by 1.12 percent, while Ethereum 2.2 percent. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 10 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to $46.000

BTC/USD traded in a range of $45,648.64 – $47,357.11, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.47 percent and totals $29.3 billion, while the total market capitalization trades around $863 billion, resulting in the market dominance of 44 percent.

BTC/USD 4-hour chart: BTC set to rally again?

On the 4-hour chart, we can see the Bitcoin price action establishing another higher low in preparation for further upside next week.

Bitcoin Price Analysis: BTC retraces to $46,000, set for a further rally?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong increase over the past weeks. After BTC/USD moved past the $42,000 resistance, an increase of over 25 percent was seen from the $38,000 support, with a clear higher swing high set around the $48,000 yesterday.

This price action development indicates taht the market structure has turned bullish once again, and we can expect BTC to rally higher over the next week. However, the bullish momentum has slowed down over the past days, with only a slightly higher high set yesterday.

Overnight, Dogecoin retraced until support was found around $46,000, as well as the 50-period moving average. BTC/USD should rally higher from this price area later today and continue its way towards the $50,000 mark next. 

Alternatively, if the Bitcoin price fails to reach further highs, a more substantial retracement could lead BTC/USD towards a retest of the previous high around the $42,000 mark.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the upcoming days as another higher low currently gets established after a retracement overnight. Therefore, we expect BTC/USD to continue rallying next week and continue its way towards the $50,000 mark. 

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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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