TL analysis; DR
- Bitcoin price analysis today is falling.
- BTC/USD continues to test the upside overnight.
- Rapidly spiked with rejection levels replayed over the past hours.
Bitcoin price analysis today is bearish as we saw the upside rejected once again after the bulls failed to stop yesterday. Since another strong rejection candle formed at $45,000, we assume that BTC/USD may have peaked and is now moving towards a retracement.
The market has seen mostly bullish results over the past 24 hours. The leader, Bitcoin, is up 1.5%, while Ethereum is 1.27%. Solana (SOL) is the top performer, with an increase of nearly 6%.
Bitcoin Price Movements Over the Last 24 Hours: Bitcoin Continues to Test Bullish, Rejected at $45,000
BTC/USD is trading in the $43,432.85 – $45,077.58 range, showing moderate volatility over the past 24 hours. Trading volume fell 18.03 percent, totaling $29.73 billion, while the total market capitalization traded around $840.24 billion, resulting in a dominance of 43.2 percent.
BTC/USD 4-Hour Chart: Is BTC Ready to Reverse?
On the 4-hour chart, BTC has posted another spike higher in the past hours, with sellers quickly bringing the market back to previous consolidation levels, indicating an imminent reversal.
Bitcoin price has seen a strong show of strength in the past days. After another higher low was established at $37,000 on February 28, a major rally has led the market towards the next major resistance at $44,500.
From there, the market continues to test more upside, with another spike higher seen yesterday to $45,000 and today to $45,400. Both times the bears quickly pushed the market price down, meaning an end to the current rally is likely.
Therefore, we expect Bitcoin price action to reverse and begin to recover soon. It is likely that a higher low will be established above the previous key support of $39,500, allowing to establish a base for further testing of the gains towards the end of the month.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis today is bearish as we see many attempts to gain gains but are rejected. Hence, we expect BTC/USD to soon reverse and start a retracement towards establishing another higher low.
While waiting for Ethereum to go further, check out our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.
https://www.cryptopolitan.com/bitcoin-price-analysis-2022-03-02/ Bitcoin Price Analysis: BTC Rejects Bullish Again at $45,000, Ready to Recover?