Bitcoin price analysis: BTC retests $30,700, ready to drop further?

Bitcoin price analysis is bearish today as we have seen another failed attempt to move higher and a quick spike to the $29,000 mark. Therefore, BTC/USD should soon break even lower and move towards the $27,500 next support.

The market has seen more selling over the last 24 hours as the leader, Bitcoin, declined by 4.22 percent. Meanwhile, Ethereum declined by 3.87 percent, with the rest of the top altcoins declining even further.

Bitcoin price movement in the last 24 hours: Bitcoin fails to reach further upside

BTC/USD traded in a range of $28,827.25 to $30,664.98, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.65 percent, totaling $30.8 billion, while the total market cap trades around $549.6 billion, resulting in market dominance of 44.56 percent.

BTC/USD 4-hour chart: BTC looks to test $27,500?

On the 4-hour chart, we can see selling pressure returning as the current low is getting tested again, indicating a potential breakdown overnight.

Bitcoin price action saw retracement over the end of last week turn into consolidation. After the last push higher above $31,000 late on Sunday, BTC/USD saw consolidation form, indicating another reversal incoming.

From there, BTC set a lower high and lower low at around $28,700, indicating more downside will soon follow. Therefore, the following retest of the previous high at $30,700 has created a local double top, and more upside can be expected soon.

The sharp drop over the last hours confirms this, and likely we will soon see a spike even lower. The next obvious target is the $27,500 mark, which, if broken, would open the way to the $35,500 major swing low.

In the case the swing low is broken, a lot more downside could follow later in the month. However, if BTC/USD can establish a higher low above it, a medium-term reversal to the upside could soon be in play.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a slowdown in the retracement and lower highs set over the second half of the week. Likely BTC/USD will soon drop even lower and continue reaching the current low at $25,500 over the weekend.

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