Bitcoin price analysis is bearish today as we have seen another strong higher high as the market spiked to $44,000. Likely retracement will follow to set another higher low before the $44,500 next major resistance is tested at the end of the week. The market has turned bullish over the last 24 hours. The leader, Bitcoin , gained 4.09 percent, while Ethereum by 4.62 percent. The rest of the top altcoins followed close by, with Solana, Cardano , and Dogecoin being the top performers. BTC traded in a range of $42,111 – $44,131, indicating strong volatility over the last 24 hours. Trading volume has increased by 24.66 percent, totaling $833.9 billion, while the total market cap trades at $833.9 billion, resulting in market dominance of 41.8 percent. On the 4-hour chart, we can see the Bitcoin price action finding resistance at $44,000, likely leading into another retracement tomorrow. Bitcoin has continued its way higher so far this week. After a break above $42,500 previous major resistance another higher high was set at $43,000 on Tuesday, indicating the strong bullish sentiment in the market.
From there, BTC retraced to $42,000 to establish another base from which to continue higher. After relatively calm trading yesterday, more upside did indeed follow today as bulls pushed BTC to the $44,000 mark.
Right now, the market likely needs another local pullback. Therefore, the $43,000 previous local resistance will likely be retested as support before further upside is reached.
Bitcoin price analysis is bearish today as we have seen another higher high set at $44,000 over the past hours. However, bulls are likely exhausted now, meaning retracement is needed before the $44,500 major resistance can be tested later in the week.