Bitcoin price analysis is bearish today as we have seen another strong lower high set and consolidation formed since then. Therefore, BTC/USD is ready to drop again and look to break past the $37,500 support.
Cryptocurrency heat map. Source: Coin360
The market has seen mostly bearish trading over the last day. The leader, Bitcoin, declined by 1.5 percent, while Ethereum by 0.22 percent. Tron (TRX) and Algorand (ALGO) were the exceptions as they gained over 7 and 12 percent, respectively.
Bitcoin price movement in the last 24 hours: Bitcoin continued to pivot
BTC/USD traded in a range of $38,156.56 – $38,857.94, indicating a mild amount of volatility over the last 24 hours. Trading volume has declined by 14.43 percent, totaling $29.34 billion, while the total market cap trades around $728 billion, resulting in a dominance of 42.14 percent.
BTC/USD 4-hour chart: BTC starts declining again
On the 4-hour chart, we can see the Bitcoin price action testing the downside again as a strong base from which to drop further has been set earlier in the week.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen more downside over the past weeks continue. After another drop at the end of April, BTC/USD reached a new low at $37,500.
Retracement followed over the next two days until the $39,000 mark was reached. Further upside was clearly rejected several times, resulting in a consolidation formed since.
Therefore, Bitcoin price is ready to drop further. Once the $37,500 mark is breached, a lot more downside could quickly follow later in the week with the next major support level as far as the $36,000 mark.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a bounce from the $39,000 resistance and consolidation over the last 24 hours. BTC/USD is likely now set up for the next wave lower below the $37,500 current support.