Bitcoin price analysis is bearish today.BTC/USD found support at $39,500 yesterday.Quick retracement to $40,500 seen since morning.
Bitcoin price analysis is bearish today as we have seen hesitation to recover above $40,500. Therefore, we expect BTC/USD to move even lower and look to move even lower later in the week.
Cryptocurrency heat map. Source: Coin360
The market has mostly traded in the green over the last 24 hours despite the leader, Bitcoin being down by 1.25 percent. Meanwhile, Ethereum gained 1.51 percent, with most of the top altcoins following.
Bitcoin price movement in the last 24 hours: Bitcoin fails to recover above $41,000
BTC/USD traded in a range of $39,373.06 – $40,884.24, indicating substantial volatility over the last 24 hours. Trading volume has increased by 17.74 percent, totaling $33.817 billion, while the total market cap trades around $762 billion, resulting in market dominance of 40.69 percent.
BTC/USD 4-hour chart: BTC looks to continue lower?
On the 4-hour chart, we can see selling pressure returning over the second half of the day, indicating that more downside will soon follow.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen further decline over the last days. After another swift break lower on Friday, the $42,000 next support was tested.
From there, BTC/USD made a quick retrace above $43,000. However, any substantial upside failed to follow as sellers quickly pushed BTC to even further lows.
Yesterday, a new several-week low at $39,500 was reached as around 9 percent were lost in less than 24 hours. Since then, the Bitcoin price has seen a slight upsurge, indicating exhaustion for sellers for now.
However, when considering the overall momentum since the beginning of the month, we expect BTC/USD to see further tests of the downside shortly.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen only a slight recovery to $40,500, where rejection was seen during the second half of the day. Likely BTC/USD will look to test further downside over the next 24 hours as sellers are still in control.