- Bitcoin price analysis is bearish today.
- BTC/USD made another attempt to break higher overnight.
- Selling pressure slowly returned this morning.
Bitcoin price analysis is bearish today as we have seen another lower high set around $41,500 over the last 24 hours. Since further upside was rejected and retested with rejection, we assume BTC/USD is ready to retrace later this week.
The market has traded in the green over the last 24 hours, with the leader, Bitcoin, up by 1.43 percent. Ethereum saw an even better performance as it gained 4.22 percent, while the rest of the top altcoins followed close by.
Bitcoin price movement in the last 24 hours: Bitcoin retests $41,500, pivots lower
BTC/USD traded in a range of $39,566.67 – $41,323.26, indicating a moderate amount of volatility over the period. Trading volume has declined by 14.82 percent, totaling $28.2 billion, while the total market cap trades around $774.63 billion, resulting in a dominance of 42.31 percent.
BTC/USD 4-hour chart: BTC ready to retrace?
On the 4-hour chart, we can see calm price action so far today, likely as bears prepare to push the Bitcoin price into a retracement.
Bitcoin price has seen strong consolidation formed below $39,500 resistance over the past week. After a fake breakout to the downside at the end of the 13th of March, BTC/USD saw some signs of strength form during the first days of the week.
After an initial retest of $39,500 resistance, BTC quickly spiked higher during yesterday’s first hours, leading to a new high set around $41,500. Most of the gain was quickly rejected, indicating that sellers were still in control.
Later in the day, the Bitcoin price moved higher again, reaching the previous high once more. However, another failure to move higher was seen overnight, leading BTC/USD to consolidate since then while bears prepare for a push to the downside to retrace some of the gains.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen another rejection for upside at the beginning of the day. Therefore, bulls are likely exhausted, and BTC/USD is headed into a retracement for the upcoming days.