Bitcoin price analysis is bearish today.BTC/USD saw retracement yesterday.Resistance was found at $41,600.
Bitcoin price analysis is bearish today as the market set another lower high after a retracement to $41,600 yesterday. Selling momentum has resumed over the second half of today, indicating that the previous low will likely be tested over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has moved in the red over the last 24 hours. The leader, Bitcoin, declined by 2.95 percent, while Ethereum followed with 2.68 percent. Terra (LUNA) is the worst performer, with over 6.6 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin consolidates below $41,600, spikes lower
BTC/USD traded in a range of $40,065.39 – $41,451.48, indicating strong volatility over the last 24 hours. Trading volume has declined by 8.91 percent, totaling $27.38 billion, while the total market cap trades at $761.9 billion, resulting in a dominance of 40.86 percent.
BTC/USD 4-hour chart: BTC ready to retest $39,200?
On the 4-hour chart, we can see the Bitcoin price action rapidly declining again as selling pressure has returned over the second half of the day.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has continued to decline ever since the start of April. After a strong push lower began over the last weekend, a new low was set at $39,200 on the 11th of April.
Consolidation followed during the start of the week until quick retracement took BTC/USD to $41,600. Since then, consolidation has formed, indicating that another lower high is indeed set.
Therefore, the current push lower is only a natural outcome of the previous Bitcoin price action. Likely a lot more downside will follow soon, leading BTC/USD to retest the $39,200 current swing low.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has set another lower high and started to push lower. Therefore, the $39,200 previous low should be tested soon, potentially resulting in further lows set over the weekend.