Bitcoin price analysis: BTC rejects further upside at $32,000, another push lower overnight?

Bitcoin price analysis is bearish today as we have seen strong selling pressure return throughout the day as the $32,000 mark has offered plenty of resistance. Therefore, ETH/USD should continue even lower and look to finally break the $29,500 next major support.

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.11 percent, while Ethereum followed with just a 1.05 percent loss. Terra (LUNA), meanwhile was the worst performer, with over 45 percent decline.

Bitcoin price movement in the last 24 hours: Bitcoin retraces and pauses before selling returns

BTC/USD traded in a range of $29,944.80 to $32,596.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 55.55 percent, totaling $71.2 billion, while the total market cap trades around $593.1 billion, resulting in a dominance of 41.23 percent.

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

On the 4-hour chart, we can see selling pressure returning as the $32,000 mark has offered strong resistance.

Bitcoin price action has seen further downside over the last week as the several-month decline continued. After failing to breach the $37,500 mark several times, BTC/USD rallied to the $40,000 mark and set a higher high.

However, a quick reversal followed. BTC spiked below $37,500 support and went as low as the $35,500 in less than 24 hours. More downside followed later last week, leading to the current several-day decline to the $30,000 mark.

Late yesterday, bears were finally exhausted, sending Bitcoin price into slight but quick retracement to the $32,000 mark. Currently, further upside has been rejected twice, indicating that BTC/USD is ready to decline even further over the next days.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has seen a quick reaction higher and rejection for further upside. Likely, selling pressure will soon return, pushing BTC/USD past the $29,500 next major support.

While waiting for Bitcoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.