Bitcoin price analysis is bearish today as we have seen strong selling pressure return throughout the day as the $32,000 mark has offered plenty of resistance. Therefore, ETH/USD should continue even lower and look to finally break the $29,500 next major support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.11 percent, while Ethereum followed with just a 1.05 percent loss. Terra (LUNA), meanwhile was the worst performer, with over 45 percent decline.
Bitcoin price movement in the last 24 hours: Bitcoin retraces and pauses before selling returns
BTC/USD traded in a range of $29,944.80 to $32,596.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 55.55 percent, totaling $71.2 billion, while the total market cap trades around $593.1 billion, resulting in a dominance of 41.23 percent.
BTC/USD 4-hour chart: BTC looks to drop further?
On the 4-hour chart, we can see selling pressure returning as the $32,000 mark has offered strong resistance.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has seen further downside over the last week as the several-month decline continued. After failing to breach the $37,500 mark several times, BTC/USD rallied to the $40,000 mark and set a higher high.
However, a quick reversal followed. BTC spiked below $37,500 support and went as low as the $35,500 in less than 24 hours. More downside followed later last week, leading to the current several-day decline to the $30,000 mark.
Late yesterday, bears were finally exhausted, sending Bitcoin price into slight but quick retracement to the $32,000 mark. Currently, further upside has been rejected twice, indicating that BTC/USD is ready to decline even further over the next days.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has seen a quick reaction higher and rejection for further upside. Likely, selling pressure will soon return, pushing BTC/USD past the $29,500 next major support.