Bitcoin price analysis: BTC tests $35,000 as the selling continues, retracement incoming?

TL;DR Breakdown

• Bitcoin price analysis is bullish today.
• BTC/USD saw another push lower yesterday.
• Support was found at $35,000 overnight.

Bitcoin price analysis is bullish today as we expect a retracement to follow after another quick 10 percent drop yesterday led to the $35,000 mark. Therefore, sellers are likely exhausted again, and bulls will look to regain some of the loss to set another lower high by the end of the week.

The market has declined substantially over the last 24 hours. The leader, Bitcoin, lost 6.78 percent, while Ethereum a more substantial 9.25 percent. The rest of the top altcoins have seen similar selling.

Bitcoin price movement in the last 24 hours: Bitcoin spikes below $35,000, quickly reverses

BTC/USD traded in a range of $34,459.22 – $38,748.46, indicating strong volatility over the last 24 hours. Trading volume has increased by 75.66 percent, totaling $37.23 billion, while the total market cap trades around $685.8 billion, resulting in a dominance of 42.22 percent.

BTC/USD 4-hour chart: BTC looks to retrace today

On the 4-hour chart, we can see the Bitcoin price action returning to the $36,000 mark over the past hours as sellers are exhausted once more.

Bitcoin price has seen more selling so far this week. After the previous low was reached around $36,500 on the 22nd of February, BTC/USD retraced back towards $39,500 previous local high.

A slightly lower high was set before selling returned, indicating that the market is still in a bearish structure. Late yesterday bears continued the selloff, leading to another 10 percent drop below the $35,000 mark.

From the newly found low, the Bitcoin price action started to retrace once more earlier today. Slow upside momentum was seen throughout the day, leading to the $36,000 mark currently tested as a resistance. 

Overall, considering the sharp drop earlier, we expect more retracement to follow over the next days. Therefore, BTC/USD should move even higher and look to reach at least the next semi-round price milestone at $37,000.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we expect retracement that sets another lower high to follow over the rest of the week. Likely sellers are exhausted as of now as another drop of over 10 percent was seen over the last 24 hours.

While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.