Bitcoin price analysis is bearish today.BTC/USD continued to consolidate below $39,500.Further upside rejected again over the past hours.
Bitcoin price analysis is bearish today as we expect the current consolidation to end with a push lower after a higher high was set early yesterday. Likely BTC/USD will move to finally set higher low next week and confirm the reversal signal of higher high set earlier.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. Bitcoin has lost 0.73 percent, while Ethereum 0.98 percent. Meanwhile, Avalanche (AVAX) is the worst performer, with a loss of almost 6 percent.
Bitcoin price movement in the last 24 hours: Bitcoin slowly pivots lower
BTC/USD traded in a range of $38,293.50 – $39,778.94, indicating mild volatility over the last 24 hours. Trading volume has declined by 3.73 percent, totaling $18.5 billion, while the total market cap trades around $740.75 billion, resulting in a dominance of 41.79 percent.
BTC/USD 4-hour chart: BTC look for another drop
On the 4-hour chart, we can see the Bitcoin price action rejecting further upside again, likely leading to a retracement early next week.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen more downside tested over the past week. After setting a slightly lower low at $39,000 on the 23rd of February, BTC/USD made the last push lower, quickly leading to $34,500.
From there, buyers quickly regained control, leading to a slightly higher high set around $39,500. After some consolidation, another quick spike higher was seen on Friday, taking the market above $40,000 for a brief time.
Since then, the Bitcoin price action has remained calm, moving sideways below the $39,500 mark. Today another attempt to move higher was quickly rejected, leading to believe that next week will start in the red.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen resistance at $39,500 reject further attempts to move higher. Therefore, BTC/USD is likely headed for another drop early next week, likely to set a higher low that would confirm a trend reversal.