Bitcoin price analysis is bearish today.BTC/USD saw another drop yesterday.Reaction from $38,000 support was seen this morning.
Bitcoin price analysis is bearish today as we expect the current reaction higher to soon set another lower high and lead towards further downside over the next days. Likely BTC/USD will break past the $38,000 support next and continue along with the several-week bearish trend.
Cryptocurrency heat map. Source: Coin360
The market has seen a slight upsurge over the last 24 hours. The leader, Bitcoin, gained 2.02 percent, while Ethereum gained 0.84 percent. Meanwhile, the rest of the top altcoins have followed close by.
Bitcoin price movement in the last 24 hours: Bitcoin finds support at $38,000, reacts higher
BTC/USD traded in a range of $37,884.99 – $39,397.92, indicating substantial volatility over the last 24 hours. Trading volume has increased by 14.12 percent, totaling $35.1 billion, while the total market cap trades around $746 billion, resulting in market dominance of 41.41 percent.
BTC/USD 4-hour chart: BTC looks to set another lower high
On the 4-hour chart, we can see the Bitcoin price action pushing higher as bulls look to set another lower high.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen reversal and more downside tested so far this week. After a strong high was set at $43,000 on 21 April 2022, BTC/USD dropped another 11 percent by the end of the last week.
Retracement followed on Monday, setting a lower high at $40,800. From there, BTC/USD quickly pivoted and started to decline again.
Next support at $38,000 was reached late yesterday, with immediate reaction higher seen this morning. So far, the Bitcoin price action has retraced to retest the $39,200 previous support as resistance, indicating that another lower high could be set there.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market likely will find resistance at $39,200 and pivot lower later today. From there, BTC/USD should make another push lower, this time, past the $38,000 support.