Bitcoin price analysis: BTC swiftly recovers from $38,400, another lower high to be set?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• Another spike took BTC/USD to $38,400.
• Reaction higher was seen since morning.

Bitcoin price analysis is bearish today as we have seen a break of the previous consolidation to the downside. BTC/USD quickly lost another 4 percent to the $38,400 mark before reacting higher.

The market has moved mostly with bearish momentum over the last 24 hours. The leader, Bitcoin, lost 0.54 percent, while Ethereum lost 1.05 percent. Meanwhile, Dogecoin (DOGE) moved counter-trend and gained almost 8 percent as the top performer for the day.

Bitcoin price movement in the last 24 hours: Bitcoin breaks lower, retraces back above $39,200

BTC/USD traded in a range of $38,338.38 – $39,740.85, indicating substantial volatility over the last 24 hours. Trading volume has increased by 89.3 percent, totaling $31.5 billion, while the total market cap trades around $743.8 billion, resulting in a dominance of 41.24 percent.

BTC/USD 4-hour chart: BTC looks to set another lower high?

On the 4-hour chart, we can see a reaction higher over the last hours, likely as another lower high will soon be set before more selling returns overnight.

The Bitcoin price action saw a strong spike higher on 21 April 2022. A new higher local high was set at $43,000 before strong rejection followed a couple of hours later, indicating a reversal.

From there, BTC/USD quickly dropped 9 percent to the $39,200 mark and formed a consolidation. Sideways action continued until late yesterday when another spike lower was seen to the $38,250 mark.

Reaction higher followed this morning, leading the Bitcoin price back above $39,200 previous support. Likely another lower high will be set soon as sellers have recovered their strengths and are ready for another test of the downside.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen another strong push lower followed by a quick reaction higher. Therefore, another lower local high will likely be set soon and more selling will follow overnight.

While waiting for Bitcoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.