Bitcoin price analysis: BTC rejected from $47,000, further decline next week?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• BTC/USD saw the first push lower yesterday.
• Upside retested with low momentum.

Bitcoin price analysis is bearish today as we have seen a strong lower high set at $47,000 early yesterday. BTC/USD has already tested the downside, indicating that further retracement will follow early next week.

The market has slowly moved into green over the last 24 hours. The leader, Bitcoin, has gained 0.2 percent, while Ethereum has a more substantial 1.03 percent. The rest of the top altcoins have seen a similar performance.

Bitcoin price movement in the last 24 hours: Bitcoin slowly retests upside, looks to set another local lower high

BTC/USD traded in a range of $45,634.10 – $46,635.27, indicating mild volatility over the last 24 hours. Trading volume has declined by 16.82 percent, totaling $26.4 billion, while the total market cap trades around $886.14 billion, resulting in market dominance of 40.2 percent.

BTC/USD 4-hour chart: BTC retests upside before another drop

On the 4-hour chart, we can see a push higher towards previous local highs, likely as bears take a pause before more downside is tested.

Bitcoin price action managed to set a strong higher local high once again earlier this week. After another strong push higher last weekend, BTC/USD reached the $48,000 mark on Monday.

Since previous major resistance levels were broken without much hesitation, BTC/USD overall market structure has turned even more bullish and we can expect more upside to follow over the next weeks.

However, bulls are exhausted for now, indicated by the swift retracement to $45,000. Another higher low was set there before an attempt to recover was made on Friday.

Rejection was seen around $47,000, meaning another local lower high is set. BTC/USD will likely drop even lower early next week and look to retrace even further.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect another local lower high to be set soon. Likely BTC/USD will drop later in the day and retest further downside. 

While waiting for Bitcoin to move further, see our articles on Web3 Startups, How to buy Terra, and How to stake Algorand.