Bitcoin price analysis: BTC sellers slowly regain control, push below $27,500 next?
Bitcoin price analysis is bearish today as we have seen another lower high set at $31.000 and another push lower this morning below $29,500. Therefore, BTC/USD is ready to decline and look to test further downside over the next days.
Cryptocurrency heat map. Source: Coin360
Bearish momentum has returned over the last 24 hours, with Bitcoin down over 5 percent. Ethereum declined slightly more – by 6.15 percent, while Avalanche (AVAX) is the worst performer, with over 16.4 percent loss.
Bitcoin price movement in the last 24 hours: Bitcoin continues lower after consolidation below $31,000
BTC/USD traded in a range of $28,717.82 to $30,464.47, indicating strong volatility over the last 24 hours. Trading volume has declined by 34.57 percent, totaling $32.3 billion, while the total market cap trades around $548.4 billion, resulting in a dominance of 44.62 percent.
BTC/USD 4-hour chart: BTC on its way below $27,500?
On the 4-hour chart, we can see the Bitcoin price looking to decline further as a new lower high has been established yesterday.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action has continued to trade along with the several-week long bearish momentum. From the $32,000 resistance, BTC/USD lost over 20 percent to the $25,500 mark.
From there, a quick reaction higher followed early on Thursday, indicating that retracement had begun. More upside did indeed follow as BTC retraced as high as the $31,000 mark.
Yesterday, Bitcoin price consolidated around the new high as sellers slowly took over the momentum again. Drop lower began overnight, leading back below the $29,500 support.
Since then, BTC/USD has slowly traded even lower, meaning that another push lower can be expected soon. Likely the $27,500 next support will be tested by the end of the week, with a potential for a higher low to be finally set.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen selling pressure take over late yesterday, leading back below the $29,500 support. BTC/USD is now free to drop until the $27,500 mark, where some reaction higher could be seen tomorrow.
While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.