- Bitcoin price turns bearish today.
- The crypto still trades under $42,000.
- The past few hours displayed another upside.
Bitcoin (BTC) presents a bearish outlook today. That comes after the crypto consolidated beneath $42K resistance, translating to an upward rejection. With that, the world’s leading coin is ready for reversal, retracing a portion of the previous gains.
The crypto market remained green amid bullishness over the past day. Bitcoin saw a 2.99% gain before stalling as Ethereum gained 1.87%. Meanwhile, top altcoins followed the market leaders, posting impressive upswings, with a possible impending reversal.
Bitcoin 24hr Timeframe – BTC Consolidates beneath $42K
Bitcoin changed hands within the $41,038 – $41,847, suggesting low volatility within the past 24 hours. Trading volume plummeted by 44%, topping $16.55 billion. On the other side, the total market capitalization hovered at $790 billion, leading to 41.47% dominance.
BTC/USD 4Hr Timeframe – Bitcoin Reject Upside Once More
The four-hour chart shows BTC price function on its last upside test within the past few hours before a possible retracement showcases early next week. Bitcoin price movements displayed strength over the week, rallying towards $42,000. Bitcoin’s market outlook sent directional doubts after falling beneath its previous lows early this week.
However, the crypto regained momentum during Friday’s actions after securing $36,500 support, pushing past its previous peak. Bitcoin touched the $42,000 level towards Saturday, leading to consolidation.
The consolidation showed an end of upsurges and imminent retracement. Bitcoin made an upside test once more over the past few hours, encountering a rejection immediately. Therefore, Bitcoin might kick-start downswings, likely to print a higher high early next week.
Bitcoin’s price movements within the upcoming days remain critical in determining how this month will shape the crypto market structure. Enthusiasts should wait to see what next week will have for the crypto space before executing positions.
Conclusion
Bitcoin price turned bearish amid today’s sessions. Such narratives emerged after another upside rejection within the past hours. Considering the past consolidation under $42K, we may presume BTC is ready to correct and form a higher low within the coming week.
