Bitcoin price analysis is bearish for the day as the $48,000 resistance again prevents further growth. Therefore, we expect BTC/USD to return to its previous low and set a base for a move higher from there.
The cryptocurrency market has been trading green for 24 hours. Bitcoin is up 0.45% while Ethereum is up 2.04%. Solana (SOL) was one of the best performers with a 38 percent gain.
Bitcoin price in the last 24 hours: Bitcoin fails to breach $48,000 again
BTC/USD is trading in a $45,704.89 – $47,998.10 range, showing little volatility over the last 24 hours. Trading volume increased 13.66 percent to $33.3 billion while the total market cap was around $870.6 billion, resulting in a market dominance of 43.54 percent.
BTC/USD 4-hour chart: BTC to retest the previous low
In the 4 hours chart, we can see how the Bitcoin price development was tracked over the last few hours to test the previous low.
The bitcoin price effect has increased in recent weeks. After beating back to the $38,000 mark in early August, BTC/USD created a base for gains.
On August 6, the previous high was broken and the market moved to $48,000, up about 25%. Also, the previous large high-impedance swing was broken by $41,000-$42,000, indicating that the overall market structure has improved again.
However, the price of Bitcoin has slowed dramatically over the past week, with only slightly higher peaks set each time. This could lead to another strong rebound later this month with the previous significant resistance at $42,000 likely to be retested as support.
For now, we can see that BTC/USD continues to respect the USD 48,000 resistance as another spike rejection was observed overnight. Since then, Bitcoin has retreated to its previous low around $45,500, which would snap its current gains if it manages to breakthrough.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis will be bearish over the next 24 hours, as the $48,000 mark will not be crossed again. BTC/USD is back today, suggesting the previous low around USD 45,500 will be retested today.