Bitcoin Price Analysis: BTC breaks previous low, support found at $41,500?

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD set strong lower low today.
  • Support current found at $41,500.

Bitcoin price analysis is bullish today as we expect a reversal to follow after a strong drop over the last few days. Likely BTC/USD will retrace and look to set another low high later this week as the overall trend has changed back to being bearish.

Bitcoin Price Analysis: BTC breaks previous low, support found at $41,500? 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall has seen a decline over the last 24 hours. The leader, Bitcoin, has declined by 1.45 percent, while Ethereum by 3.29 percent. Cardano (ADA) is meanwhile among the worst performers today with a loss of almost 9 percent.

Bitcoin Price Analysis: BTC breaks previous low, support found at $41,500?

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD set strong lower low today.
  • Support current found at $41,500.

Bitcoin price analysis is bullish today as we expect a reversal to follow after a strong drop over the last few days. Likely BTC/USD will retrace and look to set another low high later this week as the overall trend has changed back to being bearish.

Bitcoin Price Analysis: BTC breaks previous low, support found at $41,500? 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall has seen a decline over the last 24 hours. The leader, Bitcoin, has declined by 1.45 percent, while Ethereum by 3.29 percent. Cardano (ADA) is meanwhile among the worst performers today with a loss of almost 9 percent.

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Bitcoin Price Analysis: BTC retraces again, ready to reverse above $42,500?

Bitcoin hash rate touches all-time high

Bitcoin price movement in the last 24 hours: Bitcoin breaks previous low, tests $41,500

BTC/USD traded in a range of $41,392.22 – $42,411.56, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 9.23 percent, totaling $21.85 billion, while the total market cap trades around $789 billion, resulting in a market dominance of 40.04 percent.

BTC/USD 4-hour chart: BTC looks to retrace next?

On the 4-hour chart, we can see the Bitcoin price action finding support at $41,500, meaning a clear lowe low has been set.

Bitcoin Price Analysis: BTC breaks previous low, support found at $41,500?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw recovery last week as it broke to $44,000 on the 12th of January. The following retracement established a clear higher low around $42,000, further indicating a change in trend direction.

After bullish momentum resumed on Friday, BTC/USD could not move past the $44,000 mark again, setting a lower high. Since then, Bitcoin price has slowly retraced, with the previous low broken today.

Therefore, there has been a change of trend direction again. BTC/USD has set lower low and likely will retrace to set a higher low next. From there, more downside can be expected later this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we expect a reversal to follow after a lower low set at $41.500 earlier. Likely BTC/USD is now ready to retrace and set another lower high before continuing lower.

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