Bitcoin price analysis: BTC consolidates below $42,500, ready to move lower?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• BTC/USD broke $42,500 local support yesterday.
• Consolidation continues since midnight.

Bitcoin price analysis is bearish today as we have seen another push lower over the last 24 hours break the $42,500 local support. Therefore, BTC/USD is likely headed even lower, with the next support around $41,000 likely being the target.

The market has seen more downside over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 3.82 and 7.54 percent, respectively. Meanwhile, the rest of the major altcoins have seen an even more substantial decline.

Bitcoin price movement in the last 24 hours: Bitcoin breaks local support, prepares for further downside

BTC/USD traded in a range of $41,892.20 – $43,785.44, indicating strong volatility over the last 24 hours. Trading volume has declined by 26.66 percent, totaling $23.16 billion. Meanwhile, the total market cap trades around $798 billion, resulting in a market dominance of 42.48 percent.

BTC/USD 4-hour chart: BTC targets $41,000 next?

On the 4-hour chart, we can see selling pressure still strong for the Bitcoin price action, likely leading to the $41,000 next support later this weekend.

Bitcoin price action has set a strong swing high this week. After several days of advance, BTC/USD initially peaked at $45,500, with more upside briefly reached just below $46,000 on the 10th of February.

Quick reaction lower followed the same day, leading the price of Bitcoin back above $42,500 support. More downside continued yesterday after the $44,000 mark offered resistance, leading BTC/USD to test the $42,000 mark next.

Since then, the Bitcoin price action has traded sideways in a narrow range. The $42,500 previous support has been retested as a resistance, leading to believe another drop is incoming to the $41,000 next support by the end of the weekend.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has continued to decline past the $42,500 support. Likely BTC/USD will continue to the $41,000 next support unless bulls can push back above the previous support turned resistance.

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.