- Bitcoin price analysis is bearish for today.
- BTC/USD rallied to the $50,000 resistance overnight.
- Bitcoin is likely to retrace again today.
Bitcoin price analysis is bearish as the market has reached the $50,000 major resistance and showed some signs of resistance. Therefore, we expect BTC/USD to reverse today and look to set another higher low later this week before continuing higher.
The crypto market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 2.31 percent, while Ethereum by 0.64 percent. Dogecoin (DOGE) is the best performer, with a gain of 5.33 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallies to $50,000
BTC/USD traded in a range of $47,433.60 – $50,343.42, indicating strong volatility over the last 24 hours. Trading volume totals $39 billion, up by 4.23 percent from yesterday. Meanwhile, the total market cap trades around $931.4 billion, resulting in market dominance of 41.95 percent.
BTC/USD 4-hour chart: BTC set to retrace?
On the 4-hour chart, the Bitcoin price action struggles to move past the $50,000 resistance, indicating an upcoming reversal.
Bitcoin price action has moved sideways over the past week. After a several-week rally, resistance was found at the $50,00 mark on the 23rd of August.
From there market started to move sideways, with the $46,500 mark established as support. After failing to set a higher high on 28th of August, BTC/USD reversed again and retested the $46,500 support on Tuesday.
However, from the support, Bitcoin price rallied again yesterday, reaching the $50,000 resistance again. Further upside could not be set today, likely leading Bitcoin towards another retracement later this week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market price failed to breach above the $50,000 mark today. Therefore, we expect BTC/USD to reverse and look to set another higher low later this week.
While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.