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Bitcoin Price Analysis: BTC spikes to $43,500, another lower high set?

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  • Bitcoin price analysis is bearish today.
  • BTC/USD reversed above $41,000 yesterday.
  • Bullish momentum pushed past $42,500 local resistance.

Bitcoin price analysis is bearish today as we have seen strong spike higher over the past hours to the $43,500 mark. Likely BTC/USD has peaked and set another lower high from which to continue lower.

Bitcoin Price Analysis: BTC spikes to $43,500, another lower high set? 1
Cryptocurrency heat map. Source: Coin360

The market has returned to bullish momentum over the last 24 hours. The market leader, Bitcoin, has gained 3.23 percent, while Ethereum 4.62 percent. Meanwhile, the rest of the top altcoins follow with similar results.

Bitcoin price movement in the last 24 hours: Bitcoin regains previous loss as it spikes to $43,500

BTC/USD traded in a range of $41,637.29 – $43,413.02, indicating substantial volatility over the last 24 hours. Trading volume has declined by 27.35 percent, totaling $16.9 billion, while the total market cap trades around $819 billion, resulting in a market dominance of 40.17 percent.

BTC/USD 4-hour chart: BTC stops at $43,500

On the 4-hour chart, we can see the Bitcoin price rapidly moving higher over the last hours, likely as BTC looks to set another lower high.

Bitcoin Price Analysis: BTC spikes to $43,500, another lower high set?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price saw a steady decline over the last days. After previously setting a strong higher high at $44,000, BTC/USD quickly reversed to $42,000. From there, the following push higher failed to reach new highs, establishing a lower high.

Since then, BTC retraced over 6 percent to the $41,200 mark, which was tested yesterday. Overnight slight recovery took place, however was stopped by the $42,500 previous resistance.

After another brief push lower, the Bitcoin price action started to move higher today. Over the last hours, the momentum picked up, eventually leading BTC/USD to spike to $43,500. Likely another lower high has now been set and BTC can continue to retrace later today.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect a reversal to follow after swift recovery of previous loss over the last hours. Likely BTC/USD has set another lower high and will continue lower later this week.

While waiting for Bitcoin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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