Bitcoin Price Analysis: BTC fails to breach $48,000, returns towards previous low

TL;DR Breakdown Bitcoin price analysis indicates bearish momentum to follow today.BTC/USD rallied towards $48,000 previous high overnight.Market price failed to move any higher. Bitcoin price analysis is bearish for today as the $48,000 resistance prevented further upside once more. Therefore, we assume BTC/USD will retrace back towards the previous low and set a base to move higher from there. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the green over the last 24 hours. Bitcoin is up by 0.45 percent, while Ethereum by 2.04 percent. Solana (SOL) is among the best performers, with a gain of 38 percent. Bitcoin price movement in the last 24 hours: Bitcoin fails to breach $48,000 again BTC/USD traded in a range of $45,704.89 – $47,998.10, indicating mild volatility over the last 24 hours. Trading volume has increased by 13.66 percent and totals $33.3 billion, while the total market capitalization stands around $870.6 billion, resulting in market dominance of 43.54 percent. BTC/USD 4-hour chart: BTC set to retest the previous low On the 4-hour chart, we can see the Bitcoin price action retracing over the last hours to retest the previous low. BTC/USD 4-hour chart. Source: TradingView Bitcoin price action has seen a strong rally over the past weeks. After retracement to the $38,000 mark at the beginning of August, BTC/USD established a base from which to move higher.  On the 6th of A...