Bitcoin price analysis indicates bearish price action to follow over the following 24 hours as further upside couldn’t be reached after another test of the $47,000 resistance. We expect BTC/USD to drop later today and move back to the $42,00 support line.
The cryptocurrency market trades with a small increase over the last 24 hours. Bitcoin and Ethereum are up by 1.68% and 2.54%, respectively. Meanwhile, Cardano (ADA) is up by 16 percent and is among the most effective performers overall.
Bitcoin price movement within the last 24 hours: Bitcoin tests $47,000 resistance
BTC/USD trade ranged from $44,705.56 to $46,520.67, showing volatility over the last 24 hours. Trading volume has dropped by 9% and totals $33.4 billion, while the overall market capitalization trades around $866.5 billion, leading to market dominance of 45.3%.
BTC/USD 4-hour chart: BTC prepares to reverse??
On the 4-hour chart, we will see the Bitcoin price action failing to interrupt the $47,000 resistance, which should lead towards a retracement later in the week.
Bitcoin price action has continued to rally over the past week after a rather higher high was set above the $41,000 mark at the tip of July. From there, BTC/USD retraced and established a transparent higher low from which to push higher over the subsequent days.
What followed was a rally of over 20% to the $47,000 support line. BTC/USD bogged down from there and will not reach further highs today, indicating market exhaustion after a robust rally.
This Bitcoin price action development should lead towards another retracement later in the week, with the $41,000-$42,000 previous resistance likely acting as support this point. From there, BTC/USD should rally further later this month and check out to achieve the subsequent major resistance area around $53,00.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the upcoming days because the market couldn’t breach the $47,000 resistance and has since stalled its advance. Therefore, BTC/USD needs another retracement over the following days before another rally are often attempted.
