Today’s Bitcoin price analysis is bearish as we expect a correction to follow after yesterday’s other sharp gains. BTC/USD has likely peaked at $51,500 so far, with the current consolidation turning into an adjustment as the day progresses.
The cryptocurrency market has been on the rise in the last 24 hours. Market leader Bitcoin was up 4.66 percent, Ethereum 3.26 percent. The best performer so far is Terra (LUNA) with a gain of over 12 percent.
Bitcoin price movement over the last 24 hours: Bitcoin finds support at $48,000, up again
BTC/USD is trading in a range of $48,370.18 – $51,506.33, indicating strong volatility over the past 24 hours. Trading volume rose 17.67 percent to a total of $27.93 billion. Its total market cap is now trading at around $963.6 billion, resulting in a market dominance of 40.38 percent.
BTC/USD 4 Hour Chart: BTC Ready To Return From $51,500?
On the 4 hours chart, we can see the Bitcoin price currently consolidating below a new high, possibly as the bears prepare to push the market towards a correction.
Bitcoin price has slowed over the past week. After several times finding and retesting the USD 46,000 support, BTC/USD finally peaked on December 21.
Subsequent resistance at $49,500 initially prevented further gains. However, after a small correction, there was another spike yesterday. This time, BTC/USD hit $51,500, which is a strong higher high.
At the moment the bulls are most likely exhausted and we will see how the bitcoin price has moved towards one more adjustment. Immediate support is seen at the previous high of $49,500 and is the range most likely to find another low over the weekend.
Bitcoin price analysis: conclusion
Today’s Bitcoin price analysis is bearish as we expect a correction to follow after yesterday’s strong rally pushed the market to a fresh high of $51,500. BTC/USD is likely to try to retest the previous high at the $49,500 support before retesting the potential higher.
While you wait for Bitcoin to move forward, check out our articles on Crypto Tax Collection, BTC Backed Mortgage Services, and Pi Wallet.