TL;DR Breakdown
Bitcoin price analysis is bearish today.BTC/USD continues to respect $39,500 resistance.Support at $38,000 briefly reached overnight.
Bitcoin price analysis is bearish today as we have seen a break below the previous consolidation area. Therefore, the current retest of $39,500 resistance could be the last before a more substantial decline is seen later in the week.
Cryptocurrency heat map. Source: Coin360
The market has declined over the last 24 hours as selling pressure was seen overnight. The leader, Bitcoin, has lost 0.02 percent, while Ethereum 0.14 percent. Rest of the top altcoins performed with similar results.
Bitcoin price movement in the last 24 hours: Bitcoin spikes lower, returns to $39,500
BTC/USD traded in a range of $37,680.73 – $39,234.62, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 48 percent, totaling $24.3 billion, while the total market cap trades around $740.8 billion, resulting in a dominance of 42.62 percent.
BTC/USD 4-hour chart: BTC looks to continue lower?
On the 4-hour chart, we can see the Bitcoin price retesting previous resistance again, likely leading to another attempt to push lower if it is not broken.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has moved into a several-day consolidation after a strong retracement on the 10th of March. Support was found around $38,600 and has been tested several times together with the $39,500 resistance.
Therefore, BTC/USD is in indecision on where to go next. Previously, the higher local low indicated that reversal back to the upside should follow. However, since then, bulls have not demonstrated any strength.
On the contrary, the Bitcoin price saw a quick spike lower overnight, leading slightly below $38,000, which is way below the previous consolidation area. This means that BTC/USD has set a lower low, and the current retest of the $39,500 resistance could turn into a much more serious selloff over the next 24 hours.
Bitcoin price analysis: ConclusionÂ
Bitcoin price analysis is bearish today as we have seen a brief lower low set and a retest of $39,500 resistance over the past hours. Likely sellers will soon return to test even further downside given the weakness of bulls over the last 24 hours.
While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.
