Bitcoin price analysis: BTC drops 5 percent, more downside incoming?

Bitcoin price analysis is bearish today as we have seen pivot at the $32,500 resistance turn into a selloff. BTC/USD has already broken the $31,000 mark, which should lead to further downside over the next 24 hours.

The market has turned bearish over the last 24 hours. The leader, Bitcoin, has lost 5.62 percent, while Ethereum has over 5.6 percent. The rest of the top altcoins have followed with an even greater loss.

Bitcoin price movement in the last 24 hours: Bitcoin ends consolidation with spike lower

BTC/USD traded in a range of $30,376.32 to $32,176.48, indicating strong volatility over the last 24 hours. Trading volume has declined by 13.03 percent, totaling $33.35 billion, while the total market cap trades around $579.6 billion, resulting in a dominance of 46.1 percent.

BTC/USD 4-hour chart: BTC tests $30,000

On the 4-hour chart, we can see strong selling pressure still dominating, indicating that BTC/USD will see further downside by the end of the day.

Bitcoin price action saw a fake breakout from the previous consolidation area at the end of last week. After briefly testing the $28,000 mark, BTC/USD rejected the downside and started to pivot higher.

On Monday, BTC saw a strong push higher to the $31,000 major resistance. Break higher followed after some consolidation, leading to a new high at $32,500, indicating that the market has turned increasingly bullish.

Yesterday, further upside was clearly rejected, leading Bitcoin price to begin reversal. Push lower indeed followed earlier today, quickie leading below $31,000. Overall, considering the price action seen over the last hours, BTC should drop back to the $29,000 major support over the next days.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has started to rapidly decline since morning. Therefore, we expect the $30,000 mark to be broken next and BTC/USD to drop even further by the end of the week.

While waiting for Bitcoin to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.