Bitcoin price analysis: BTC rejects downside again, another push from $29,000 next?

Bitcoin price analysis is bearish today as we have seen more consolidation below the $29,000 as the downside was rejected overnight. Therefore, BTC/USD should soon continue even lower towards the $27,500 support.

The market has traded with low momentum over the last 24 hours as a clear direction is yet to be decided. The leader, Bitcoin, lost just 0.2 percent, while Ethereum gained 0.07 percent. The rest of the top altcoins saw similarly mixed results. 

Bitcoin price movement in the last 24 hours: Bitcoin fails to breach previous low, consolidates further

BTC/USD traded in a range of $28,326.61 to $29,335.03, indicating mild volatility over the last 24 hours. Trading volume has declined by 28.33 percent, totaling $29.91 billion, while the total market cap trades around $549.65 billion, resulting in market dominance of 45.85 percent.

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

On the 4-hour chart, we can see the Bitcoin price action failing to reach further upside, indicating that another test of the downside should be in play over the weekend.

Bitcoin price action has seen ever-increasing bearish momentum over the past days after consolidation last week. Clear local lower high was set at $30,000 on Wednesday, and from there, another test of $29,000 support resulted in a break lower.

BTC/USD quickly spiked as low as the $28,000 mark before being immediately rejected above the $29,000 mark. Therefore, bears were not yet ready to reach the next support at $27,500, and further price action development was needed.

Since then, not much upside has followed, indicating that bears are still in control. Bitcoin price will likely continue to consolidate around the previously broken support if no significant change of direction occurs. Overall, by the end of the weekend, BTC/USD should see further downside tested once more.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect further tests of downside to follow as the overall weekly market sentiment is slightly bearish. Therefore, after some more consolidation, BTC/USD should continue to target the $27,500 next major support.

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