Bitcoin price analysis: BTC not yet ready to continue higher, retest of $29,500 overnight?

Bitcoin price analysis is bearish today as we have seen failure to continue higher after another higher low was set at $29,500 yesterday. Therefore, BTC/USD should retest the support next and potentially break lower to continue along with the several-week bearish trend.

The market has moved slightly in the green over the last 24 hours. The leader, Bitcoin, gained 2.01 percent, while Ethereum by 2.25 percent. The rest of the top altcoins traded with similar results.

Bitcoin price movement in the last 24 hours: Bitcoin pushed higher, peaks at $30,700

BTC/USD traded in a range of $29,251.89 to $30,694.49, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 15.16 percent, totaling $27.14 billion, while the total market cap trades around $571.55 billion, resulting in market dominance of 44.37 percent.

BTC/USD 4-hour chart: BTC on its way back to $29,500?

On the 4-hour chart, we can see selling pressure taking over again as the $31,000 mark could not be reached earlier today.

Bitcoin price action has moved into steady retracement over the past days ever since reaction from the $25,500 current swing low was seen on 12 May 2022. After an initial recovery to $31,000 was set, another higher low was set on Saturday.

From there, slightly higher high and higher low followed over the last days, indicating weak but still present buying pressure. Overnight, BTC/USD quickly bounced from $29,500 and started to edge higher, indicating higher high could soon be set.

However, Bitcoin price peaked at $30,700 during the middle of the day, leading to a reversal forming ever since. If further push lower follows, we could see the retracement break down, and BTC/USD continue lower later this week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a bounce from the $29,500 support and rejection for further upside at $30,700. Therefore, BTC/USD is ready to drop further and return to the $29,500 support, potentially leading to another wave lower later in the week.

While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.