Bitcoin Price Analysis: BTC tests $50,000, will it break higher?

TL;DR Breakdown Bitcoin price analysis is bearish for today.BTC/USD rallied to the $50,000 resistance overnight.Bitcoin is likely to retrace again today. Bitcoin price analysis is bearish as the market has reached the $50,000 major resistance and showed some signs of resistance. Therefore, we expect BTC/USD to reverse today and look to set another higher low later this week before continuing higher. Cryptocurrency heat map. Source: Coin360 The crypto market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 2.31 percent, while Ethereum by 0.64 percent. Dogecoin (DOGE) is the best performer, with a gain of 5.33 percent. Bitcoin price movement in the last 24 hours: Bitcoin rallies to $50,000 BTC/USD traded in a range of $47,433.60 – $50,343.42, indicating strong volatility over the last 24 hours. Trading volume totals $39 billion, up by 4.23 percent from yesterday. Meanwhile, the total market cap trades around $931.4 billion, resulting in market dominance of 41.95 percent. BTC/USD 4-hour chart: BTC set to retrace? On the 4-hour chart, the Bitcoin price action struggles to move past the $50,000 resistance, indicating an upcoming reversal. BTC/USD 4-hour chart. Source: TradingView Bitcoin price action has moved sideways over the past week. After a several-week rally, resistance was found at the $50,00 mark on the 23rd of August.  From there market started to move sideways, with the $46,500 mark...