Bitcoin Price Analysis: BTC moves to $45,000, rejects further upside?
The bulls are back. Yesterday, Bitcoin price broke the $4,000 barrier (from yesterday’s low of $3,876) for the first time since May 2017. Although a bearish assertion, this rally should encourage bulls to keep a close eye on the price action. In particular, the $45,000 price target is becoming increasingly plausible as the Bitcoin price approaches $4,000.
Bitcoin is a digital currency with no central bank, and no single owner or administrator. It is a distributed database with a peer-to-peer network, and is used to pay for transactions over the internet. Bitcoin has created a lot of excitement in the past few years, and some people believe it could lead to the future of money. It is used by many online retailers and has a relatively small market cap, currently around $1.3 billion.
Bitcoin price has remained stuck in a range for the past few weeks, as the bulls have failed to break out of the $13,000-$14,000 price level. We had expected Bitcoin to test $13,500 and then $14,000, but it seems they have lost their nerve. The Bitcoin price is currently trading at $14,027, with the bulls’ valuation of the coin at $45,000.. Read more about bitcoin support levels and let us know what you think.
Yesterday, BTC continued to rise.
Around $45,000 was discovered as resistance.
BTC/USD is expected to reverse direction later today.
Bitcoin price research suggests that negative trend will prevail over the next 24 hours, since additional upward over the $45,000 barrier level was not achieved. As a result, we anticipate BTC/USD to reverse in the following 24 hours, retracing some of the gains early next week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has seen a small decline. Bitcoin is up 1.76 percent, while Ethereum is down 1.24 percent. With a gain of almost 6%, Dogecoin (DOGE) is one among the top performers.
The price of bitcoin has risen above $45,000 in the past 24 hours.
Over the past 24 hours, BTC/USD has moved in a range of $42,618.57 – $45,282.35, suggesting high volatility. The entire market value of the cryptocurrency is approximately $827.45 billion, putting it in 46th position worldwide. Trading volume has dropped by 13.25 percent to $36.7 billion.
BTC/USD 4-hour chart: retracement in the works?
On the 4-hour chart, we can observe Bitcoin’s price movement losing steam earlier today, implying a pullback early next week.
4-hour chart of BTC/USD. TradingView is the source of this information.
After a brief pause earlier this week, bitcoin prices continued to rise over the weekend. A significant pullback back to the $38,000 level was observed at the end of July, which established a lower bottom, suggesting a reversal.
BTC/USD, on the other hand, gained traction after failing to go lower and surged over the $41,000-$42,000 barrier region on Friday. Following that, the market rallied above $45,000, where it has since halted its rise once again.
As a result, we may infer that the Bitcoin price action impetus has been depleted, and that a pullback is required before new highs can be anticipated. Around the same $41,000-$42,000 resistance level, there is a possible place to search for support. BTC/USD should then rise once again, aiming for the next big resistance level around $47,000.
Conclusion of the Bitcoin Price Analysis
Bitcoin price analysis for the next several days is negative, as resistance was established around $45,000 earlier today, and market momentum halted. As a result, we anticipate a retracement in BTC/USD early next week, with a retest of the prior resistance level of $41,000-$42,000 as support.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
Bitcoin moved to new highs on the last day of trading, trading as high as $45,000 before falling back to its expected range of $45,000 – $40,000. Meanwhile, after starting the week at $41,000, the $BTCUSD price has fallen to $41,000, marking a two-day correction in the value of Bitcoin.. Read more about crypto price analysis today and let us know what you think.
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