Bitcoin price analysis: BTC rejects upside again at $45,000, ready to retrace?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• BTC/USD continued testing upside overnight.
• Quick spike higher with rejection seen again over the last hours.

Bitcoin price analysis is bearish today as we have seen upside rejected again after bulls did not stop yesterday. Since another strong rejection candle formed at $45,000, we assume BTC/USD has likely peaked and now heads to retrace.

The market has seen mostly bullish results over the last 24 hours. The leader, Bitcoin, gained 1.5 percent, while Ethereum 1.27 percent. Solana (SOL) is the top performer, with an almost 6 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin continued to test upside, rejected at $45,000

BTC/USD traded in a range of $43,432.85 – $45,077.58, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 18.03 percent, totaling $29.73 billion, while the total market cap trades around $840.24 billion, resulting in a dominance of 43.2 percent.

BTC/USD 4-hour chart: BTC ready to reverse?

On the 4-hour chart, BTC has posted another spike higher over the past hours, with sellers quickly returning the market towards the previous consolidation, indicating an upcoming reversal.

Bitcoin price has seen a strong show of strength over the past days. After another higher low was established at $37,000 on the 28th of February, a massive rally took the market towards the next major resistance at $44,500.

From there, the market continued to test more upside, with another spike higher seen yesterday to $45,000 and today to $45,400. Both times bears quickly pushed the market price down, meaning a likely end of the current advance.

Therefore, we expect the Bitcoin price action to reverse soon and start to retrace. Likely a higher low will be set above $39,500 previous major support, allowing for a base to be set up from which to continue testing further upside later in the month.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw more attempts to reach upside being met with rejection. Therefore, we expect BTC/USD to reverse soon and start to retrace towards setting another higher low.

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.

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• Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2022-03-02/