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Bitcoin Price Analysis: BTC slowly retraces from $48,500, higher low to be set today?

Bitcoin price analysis indicates bearish price action momentum to follow today as BTC continued to retrace overnight. Therefore, we expect BTC/USD to decline further today and look to set a higher low next.

Bitcoin Price Analysis: BTC slowly retraces from $48,500, higher low to be set today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1.21 and 3.33 percent, respectively. Meanwhile, Cosmos (ATOM) is the best performer, with a gain of 6.25 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retraces from the $48,500 resistance

BTC/USD traded in a range of $47,678.15 – $48,685.87, indicating low volatility over the last 24 hours. Trading volume has decreased by 6.67 percent and totals $27 billion, while the total market cap trades around $900.9 billion, resulting in the market dominance of 42.21 percent.

BTC/USD 4-hour chart: BTC looks to set higher low today?

On the 4-hour chart, we can see Bitcoin price continuing to decline as bears look to set a higher low.

Bitcoin Price Analysis: BTC retraces from $48,500, higher low to be set today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen reversal back to bullish momentum this week. After swiftly dropping more than 15 percent on the 7th of September, support was finally found at around $44,000.

What followed was a reaction and consolidation of around $46,500 over several days, with a slow retracement lower last week. The $44,000 support was retested again on Monday, with volatility increasing.

Over the following days, BTC/USD advanced and set a new higher high at $48,500. From there, the Bitcoin price retraced on Thursday and Friday, setting a higher low at $47,000.

Yesterday, BTC saw another quick spike higher, briefly moving past the $48,500 resistance. However, bulls were not yet ready for further upside, resulting in a slow retracement lower again over the past 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as a slow retracement was seen overnight and is likely to continue today. Therefore, we expect BTC/USD to set a higher low over the next 24 hours and look to move higher next week.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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