Bitcoin Price Analysis: BTC continues to retrace, moves past the $48,000 support

TL;DR Breakdown Bitcoin price analysis is bearish for today.BTC/USD continued to decline overnight.Bitcoin broke past the $48,000 support. Bitcoin price analysis is bearish today as the market continues to decline after reaching the $50,000 mark earlier today. Therefore, we expect BTC/USD to see further downside later today and retrace even more of the gain seen last week. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with a bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both down, with a loss of 1.61 and 2.96, respectively. Meanwhile, Solana (SOL) is among the worst performers, with a loss of 8.6 percent. Bitcoin price movement in the last 24 hours: Bitcoin continued to decline overnight BTC/USD traded in a range of $47,163.61 – $49,407.67, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.39 percent and totals $32.96 billion, while the total market cap trades around $898.6 billion, resulting in the market dominance of 43.84 percent. BTC/USD 4-hour chart: BTC set for a further decline? On the 4-hour chart, we can see the Bitcoin price continuing to decline over the last 24 hours, with the $48,000 support broken. BTC/USD 4-hour chart. Source: TradingView Bitcoin price action has seen a substantial increase over the past month. After retesting the $29,500 support, BTC/USD started to advance rapidly, with the $42,000 ...