Bitcoin price analysis: BTC still not ready to break the $43,400 previous high?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• The market peaked at $43,400 yesterday.
• BTC/USD continued to retrace overnight.

Bitcoin price analysis is bearish today as we expect further retracement to follow after a strong higher high was set yesterday. Likely BTC/USD still needs to retrace further to set a base from which to continue higher later in the week.

The market has traded with mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 1.14 and 1.55 percent, respectively, while Cardano (ADA) was the top performer from the majors, with a gain of over 10 percent.

Bitcoin price movement in the last 24 hours: Bitcoin continues to retrace from $43,400

BTC/USD traded in a range of $41,877.51 – $42,811.05, indicating mild volatility over the last 24 hours. Trading volume has declined by 23.45 percent, totaling $24.36 billion, while the total market cap trades at $801.84 billion, resulting in a dominance of 41.54 percent.

BTC/USD 4-hour chart: BTC fails to reverse for now

On the 4-hour chart, we can see the Bitcoin price action rejecting spike higher during the second half of the day, indicating more downside will be tested next.

Bitcoin price action has managed to send a strong sign of bullishness over the past days as the previous major resistance of $42,500 was broken early yesterday. This time, BTC/USD found resistance at $43,400 before starting to retrace again.

However, considering the overall market structure formed over the past weeks, we assume more upside will come shortly. BTC currently needs to retrace further to allow bulls to enter at lower prices.

Likely support will be found somewhere around $41,500 as the market previously reacted at this level.  BTC/USD should continue higher once another higher local low is set, with the next major resistance seen at $44,500-$45,000 price area. 

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as further retracement should follow the current price action development. Likely BTC/USD will test further downside before another higher low is set and serves as the base from which to continue higher.

While waiting for Bitcoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO