Bitcoin price analysis: BTC rejects upside at $39,000, selling set to return?

TL;DR Breakdown

• Bitcoin price analysis is bearish today.
• BTC/USD continued to retrace overnight.
• Reaction is currently seen at the $39,000 mark.

Bitcoin price analysis is bearish today as we have seen selling pressure return at the $39,000 mark over the past hours. Therefore, BTC/USD has likely retraced enough and is now ready to continue lower.

The market has moved higher over the last 24 hours, with the leader, Bitcoin, up by 2.56 percent. Ethereum has performed even better with a gain of 4 percent, while the rest of the top altcoins follow close by.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to $39,000

BTC/USD traded in a range of $37,608.34 – $39,122.39, indicating strong volatility over the last 24 hours. Trading volume has declined by 26 percent, totaling $21.14 billion, while the total market cap trades at $734.9 billion, resulting in a dominance of 41.65 percent.

BTC/USD 4-hour chart: BTC looks to continue lower?

On the 4-hour chart, we can see the Bitcoin price experiencing slight rejection from the $39,000 mark, indicating a good potential for a reversal back to the downside over the next hours.

Bitcoin price action has continued to decline so far this week. From the last major lower high at $44,500, BTC/USD has lost around 18 percent of the current low at $36,500, indicating potential exhaustion for sellers.

However, for now, both lower lows and highs are still being set. After the $36,500 mark was reached on the 22nd of February, BTC slowly retraced higher, with the $39,500 mark being the previous low.

Despite strong buying pressure over the last 24 hours, another lower high seems to be set around $39,000 as of now. Therefore, we should see a reversal back to the downside soon, likely leading the Bitcoin price to test even further lows.

The next major support is located at $36,000. Overall, the selling pressure should start diminishing later in the week, eventually leading to a much more serious pullback.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has found resistance at $39,000, with a slight reaction lower seen over the past hours. Therefore, we expect BTC/USD to reverse soon and look to test the $36,000 next major support.

While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.