BTC traded in a range of $45,626 – $47,313, indicating substantial volatility over the last 24 hours. Trading volume has increased by 24.83 percent, totaling $29.2 billion, while the total market cap trades around $868.835 billion, resulting in market dominance of 41.09 percent.
On the 4-hour chart, we can see the Bitcoin price action continuing to decline as the $46,000 failed to hold.
Bitcoin price action has seen a reversal over the weekend. After previously setting a new higher high at $48,000, BTC quickly dropped to $45,000, where a higher low was set.
However, the following rally did not last for long. BTC set a lower local high at $47,000 and formed a clear descending trendline of resistance. Since then, a steady decline has been seen along the trendline, indicating that more downside should be tested soon.
Likely the next target at $45,000 will be broken over the next 24 hours. From there, an important level to watch is the previous local low at $44,500. If this support breaks, a lot more downside can be expected for the Bitcoin price action later in the month.
Conclusion
Bitcoin price analysis is bearish today as we have seen clear rejection for upside and a steady move below $46,000. Therefore, BTC is likely headed to test further downside, with the closest support located at $45,000.