Bitcoin price analysis is bearish today as we have seen another lower high set at $31.000 and another push lower this morning below $29,500. Therefore, BTC/USD is ready to decline and look to test further downside over the next days.
Bearish momentum has returned over the last 24 hours, with Bitcoin down over 5 percent. Ethereum declined slightly more – by 6.15 percent, while Avalanche (AVAX) is the worst performer, with over 16.4 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin continues lower after consolidation below $31,000
BTC/USD traded in a range of $28,717.82 to $30,464.47, indicating strong volatility over the last 24 hours. Trading volume has declined by 34.57 percent, totaling $32.3 billion, while the total market cap trades around $548.4 billion, resulting in a dominance of 44.62 percent.
BTC/USD 4-hour chart: BTC on its way below $27,500?
On the 4-hour chart, we can see the Bitcoin price looking to decline further as a new lower high has been established yesterday.
Bitcoin price action has continued to trade along with the several-week long bearish momentum. From the $32,000 resistance, BTC/USD lost over 20 percent to the $25,500 mark.
From there, a quick reaction higher followed early on Thursday, indicating that retracement had begun. More upside did indeed follow as BTC retraced as high as the $31,000 mark.
Yesterday, Bitcoin price consolidated around the new high as sellers slowly took over the momentum again. Drop lower began overnight, leading back below the $29,500 support.
Since then, BTC/USD has slowly traded even lower, meaning that another push lower can be expected soon. Likely the $27,500 next support will be tested by the end of the week, with a potential for a higher low to be finally set.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen selling pressure take over late yesterday, leading back below the $29,500 support. BTC/USD is now free to drop until the $27,500 mark, where some reaction higher could be seen tomorrow.