Bitcoin price analysis: BTC peaks below $17,000 again, further decline incoming?

Bitcoin price analysis is bearish today as we have seen a double top formed at $17,000 as recovery could not follow over the last 24 hours. Therefore, we expect BTC/USD to soon reverse and another attempt to continue lower to be seen over the next days.

The market has traded with bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 1.69 and 1.45 percent, respectively. Meanwhile, the rest of the market has followed, with Ripple being the leader, with over 9 percent gain.

Bitcoin price movement in the last 24 hours: Bitcoin retests previous high

BTC/USD traded in a range of $16,267.33 to $17,051.96, indicating moderate volatility over the last 24 hours. Trading volume has declined by 19.54 percent, totaling $38.57 billion, while the total market cap traded around $322.54 billion, resulting in market dominance of 38.24 percent.

BTC/USD 4-hour chart: BTC prepares to drop further?

On the 4-hour chart, we can see reaction at the $17,000 resistance, indicating that local double top is set and another attempt to move lower will follow overnight.

Bitcoin price action has traded with strong selling pressure over the first half of October. After the last spike lower, reaction higher was seen at the $16,000 support last Thursday.

From there, BTC/USD set a local lower high at $18,000 and has since consolidated in an increasingly tighter range with both a lower high and slightly higher low set at $17,000 and $16,000, respectively.

Yesterday, Bitcoin price action attempted to move higher once more. However, resistance was strong around $17,000 as momentum was weak throughout the day, leading BTC to form a local double-top reversal.

 Slight selling pressure has returned since, indicating that another pivot lower will be seen overnight. In case sellers can gain momentum, we should see an aggressive test of the $16,000 support. 

In case the support breaks, a lot more downside could follow over the next weeks. Alternatively, BTC will attempt to finally set a higher high and create a much stronger retrace towards the previous major support level at $20,000.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen failure to break through the previous local high at $17,000 and slight selling over the past hours. Therefore, BTC/USD is likely to move even lower and attempt another break past the $16,000 current major swing low.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.