Bitcoin price analysis: BTC looks to retrace further, drop to $40,000 next? 

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• More downside was seen yesterday.
• BTC/USD failed to recover.

Bitcoin price analysis is bearish today as we have seen more downside tested and failure to react higher overnight. Therefore, we expect BTC/USD to drop even further and target the $40,000 support next.

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 1.06 percent, while Ethereum gained 1.83 percent.

Bitcoin price movement in the last 24 hours: Bitcoin fails to recover, looks to move lower

BTC/USD traded in a range of $40,668.04 – $41,607.47, indicating mild volatility over the last 24 hours. Trading volume has increased by 24.54 percent, totaling $23.9 billion, while the total market cap trades at $776.3 billion, resulting in a dominance of 41.66 percent.

BTC/USD 4-hour chart: BTC ready to fall further?

On the 4-hour chart, we can see selling pressure still strong, indicating more downside should be tested by the end of the day.

Bitcoin price action has seen a series of attempts to push higher over the past week. After moving above the previous consolidation resistance around $39,500, a new higher high was set around $41,500 during the middle of the week.

Further upside follows later, leading to a test of $42,500 previous swing high resistance. From there, quick retracement took BTC/USD to the $41,000 mark.

If further downside can be prevented, we assume another strong higher low has been set, and the market will rally later in the week. However, if more selling takes place, we should see BTC retrace even further to the $40,000 next major support.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen failure to recover along with the overall market. Therefore, we assume that bears are still in control, and BTC/USD is headed for further downside over the next 24 hours.

While waiting for Bitcoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO