Bitcoin Price Analysis: BTC swiftly retraces from $50,000, will $48,000 hold?

TL;DR Breakdown Bitcoin price analysis is bearish for today.BTC/USD retraced from the $50,000 mark yesterday.BTC is set to retest the $48,000 support. Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as bulls have become exhausted after reaching the $50,000 mark. Therefore, we expect BTC/USD to retrace today and test the $48,000 support next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours. Bitcoin has declined by 3.33 percent, while Ethereum 2.66 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers, with a loss of more than 7 percent. Bitcoin price movement in the last 24 hours: Bitcoin shows weakness after reaching the $50,000 mark BTC/USD traded in a range of $48,531.83 – $50,325.27, indicating mild volatility over the last 24 hours. Meanwhile, the total trading volume has increased by 10.78 percent and totals $35 billion. The total market cap trades around $912.2 billion, resulting in market dominance of 43.2 percent. BTC/USD 4-hour chart: BTC set to retest the $48,000 support again On the 4-hour chart, we can see the Bitcoin price retracing after failure to reach further heights above the $50,000 mark. BTC/USD 4-hour chart. Source: TradingView The Bitcoin price action has seen a strong increase over the past month. After establishing a major swing low around $2,950, BTC/USD saw strong bullish momentum take...