in

Bitcoin Price Analysis: BTC slowly retraces from $44,000, looks to set higher low?


TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD declined from $44,000 resistance.
  • Bitcoin to set higher low today.

Bitcoin price analysis is bullish today as a retracement from the $44,000 resistance was seen over the last 24 hours as bears look to set a higher low. Therefore, we expect reversal for BTC/USD and a push to set a higher high over the remainder of this week.

Bitcoin Price Analysis: BTC slowly retraces from $44,000, looks to set higher low? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, with the market leader, Bitcoin declining by 2.9 percent. Ethereum has seen even worse performance as it lost 4.55 percent, while the rest of the top altcoins follow ETH`s performance.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to set higher low

BTC/USD traded in a range of $41,576.13 – $44,027.24, indicating mild volatility over the last 24 hours. Trading volume has increased by 8.67 percent and totals $31.75 billion, while the total market cap trades around $797.8 billion, resulting in market dominance of 42.47 percent.

BTC/USD 4-hour chart: BTC set to reverse later today?

On the 4-hour chart, we can see the Bitcoin price action looking to establish a higher low as bears are likely exhausted again.

Bitcoin Price Analysis: BTC retraces from $44,000, market looks to set higher low?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen more downside over the second half of September. After a strong spike lower on the 21st of September, support was found around $41,000. 

From there, Bitcoin saw a correction to $45,000, with bears immediately putting on more selling pressure last Friday, resulting in another test of the $41,000 support.

What followed was another test of the $41,000 with rejection after some consolidation. After Bitcoin price action set a slightly higher high at $44,000, another retracement began yesterday. However, considering the overall market development, we expect bears to be exhausted, and reversal should follow later this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as market price has approached previous support at $41,000 after another 24-hour retracement. Therefore, we are likely to see BTC/USD set a higher low and move further over the week.

While waiting for Bitcoin to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Algorand Price Analysis

Algorand Faces Steep Fall; Down by 1/3rd of Its Value in 3 Weeks

Top Projects On Cardano Smart Contracts That May Boom In The Market

ADA Price is all Set to Explode! Cardano’s Next Target is $47 by 2021!!