Bitcoin Price Analysis BTC recovers to $48,000, ready for further drop?

Today’s Bitcoin price analysis is bearish as we expect a further downward push after today’s slight rebound. Chances are, BTC/USD is poised to test another downside as the overall market structure declines.

The cryptocurrency market has generally fallen slightly over the last 24 hours. Market leader Bitcoin lost 2.01 percent and Ethereum followed with a 1.72 percent loss. Dogecoin (DOGE) is still one of the best performers at the moment and is still up more than 22 percent after a huge 40 percent increase.

Bitcoin Price Movement Over The Last 24 Hours: Bitcoin slowly reversed and found resistance at USD 48,000
BTC/USD is trading in a $45,894.85 – $47,885.05 range, indicating moderate volatility over the past 24 hours. Trading volume was up 30.37 percent to $35.42 billion and the total market cap was $884.8 billion.

BTC/USD 4-Hour Chart: BTC Seems to Drop Again?
On the 4-hour chart, we see a return of the bearish momentum in the last few hours for Bitcoin price developments as selling pressure remains strong.

Bitcoin price action found that volatility has slowly declined over the past week after falling around 25 percent in a matter of hours on December 4. The next rebound lasts through December 7 when resistance is pegged at $52,000.

Since then, the selling pressure has returned as lower and lower values ​​have been set. Another drop occurred yesterday, falling below USD 47,000 and indicating a lower market structure.

In the last 24 hours, Bitcoin price has been consolidating near new lows. With the bulls unable to regain momentum, we expect another decline in the next 24 hours.

Bitcoin price analysis: conclusion
Today’s Bitcoin price analysis is bearish as we saw another lower level and a slow correction over the last 24 hours yesterday. As a result, BTC/USD is not yet ready to move higher, which is likely to result in another drop in BTC later in the day.

While waiting for Bitcoin to keep rolling, check out our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.