Bitcoin Price Analysis: BTC spikes to $42,500, is the market ready to reverse?

TL;DR Breakdown Bitcoin price analysis is bullish for today.BTC/USD saw a strong decline overnight.Support was found at $42,500. Bitcoin price analysis is bullish today as strong rejection for further downside was seen over the past hours after a quick spike to the $42,500 mark. Therefore, we expect BTC/USD to regain some of the loss and move higher the rest of today. Cryptocurrency heat map. Source: Coin360 The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 7.47 percent, while Ethereum has lost 7.81 percent. The rest of the top altcoin follow the majors, with a similar loss of around 7-9 percent. Bitcoin price movement in the last 24 hours: Bitcoin declined to $42,500 in a massive sell-off BTC/USD traded in a range of $42,669.05 – $47,819.82, indicating massive volatility over the last 24 hours. Trading volume has increased by 44.16 percent and totals $39.39 billion, while the total market capitalization trades around $829.9 billion, resulting in the market dominance of 42.55 percent. BTC/USD 4-hour chart: BTC looks to return above $44,000? On the 4-hour chart, we can see the Bitcoin price rejecting further downside over the past hours as bulls are ready to take over. BTC/USD 4-hour chart. Source: TradingView Bitcoin price action has seen increased volatility over the past days. After a several day consolidation around $44,000-$46,500 area, BTC/USD set a higher high ...