Bitcoin Price Analysis: BTC moves to $45,000, rejects further upside?

Bitcoin is back in the news this week, with the price of the cryptocurrency rising from below $4000 to $4500 in the last week alone. Is this a quick rebound (as some users have suggested), or is this the start of a significant reversal?

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The largest cryptocurrency by market capitalization is now off to the races, thanks to a sharp rally. At the time of writing, bitcoin had moved to $45,000 from a year-low of $43,000. It’s hard to believe, but we might just be seeing the beginnings of a long-term rally.

When it comes to digital currencies, Bitcoin tends to be considered the leading cryptocurrency. As the first and the biggest cryptocurrency, Bitcoin has inspired the rest of the digital currency market. It’s not surprising then that when Bitcoin price starts to rise, the rest of the digital currency market tends to follow suit, and when Bitcoin price starts to fall, the rest of the digital currency market tends to follow suit. However, due to the difference in the demand for Bitcoin, the price of other cryptocurrencies tend to move in different directions.. Read more about bitcoin support levels and let us know what you think.

TL;DR Summary

  • 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.

Bitcoin Price Analysis: BTC moves to $45,000, rejects further upside? 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.

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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 material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Bitcoin reached a new all-time high today, which was a bit of a surprise considering the recent price action (see below). The digital currency is up over 50% since the beginning of the year, which has sent its market cap close to $40 billion. While the rally has been impressive, it’s clear that the “flippening” hasn’t happened yet.. Read more about crypto price analysis today and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • btc to usd
  • bitcoin price usd
  • btcusd
  • bitcoin support levels
  • bitcoin today trend

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