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Bitcoin Price Analysis: BTC attempts to retest $50,000 as support, further downside rejected

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  • Bitcoin price analysis is bullish today.
  • BTC/USD peaked below $52,000 yesterday.
  • Spike lower to $50,000 rejected.

Bitcoin price analysis is bullish today as any selling pressure got rejected over the past hours. Therefore, we expect bulls to regain momentum later today and push BTC/USD towards the next resistance at $53,000 next.

Bitcoin Price Analysis: BTC attempts to retest $50,000 as support, further downside rejected 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours, with Bitcoin up by 2.5 percent. However, the rest of the market tanked, with Ethereum down by 1.86 percent and most altcoins being down by a lot more.

Bitcoin price movement in the last 24 hours: Bitcoin spikes to $52,000 overnight

BTC/USD traded in a range of $49,607.66 – $51,839.99, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 11.67 percent and totals $39.18 billion, while the total market cap trades around $966.6 billion, resulting in market dominance of 44.21 percent.

BTC/USD 4-hour chart: BTC attempts to retest $50,000 as support

On the 4-hour chart, we can see Bitcoin price rapidly spiking lower over the past hours, with selling pressure returning above $50,000.

Bitcoin Price Analysis: BTC attempts to retest $50,000 as support, further downside rejected
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong bullish momentum return so far this month. After a more than week-long consolidation above $41,000 support at the end of September, bullish momentum returned on the 1st of October.

BTC/USD broke above the previous high, with a strong advance over the following hours resulting in the $48,500 previous resistance reached. From there, BTC consolidated over the weekend until another spike higher was seen earlier this week.

Bitcoin price action broke past the $50,000 next major price mark, with the $52,000 mark reached overnight. Currently, we have seen a slight test of downside resulting in rejection, indicating bullish momentum is likely to resume over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as further downside attempts have been met with strong buying pressure over the past hours. Therefore, we assume BTC/USD will attempt to reach the $53,000 next resistance later today.

While waiting for Bitcoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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