Today’s Bitcoin price analysis is bearish as we have seen no move higher and steady consolidation over the past few days. BTC/USD is likely to retest the previous low to establish a clear lower and higher before another attempt is made to break even higher.
The market traded with low volatility and slight downward pressure during the past hours. BTC lost 0.59%, while ETH lost 2.85%. Meanwhile, the rest of the market has seen similar steady sideways movement.
Bitcoin price movement in the last 24 hours: Bitcoin stabilized around $16,500
BTC/USD traded in a range of $16,512.65 to $16,797.88, indicating low volatility. Trading volume remained roughly around $18.9 billion off-chain, while the total market value was traded at around $318 billion, resulting in a dominance of 38.66%.
Bitcoin/USD 4-Hour Chart: Bitcoin Looking to Retest $16,000?
On the 4-hour chart, we can see some minor selling pressure over the past 24 hours as the overnight downtrend is likely to be retested.
Since the last bearish bounce last Wednesday, Bitcoin’s price action has been trading within an increasingly consolidating range. From there, BTC/USD reacted higher to the $18,000 resistance and has since set lower local highs and higher lows.
Over the past few days, a break of the upper resistance at $17,000 led to further movement on yesterday’s low volatility, leading slowly towards the middle of the trading range.
Selling pressure should continue later in the day, as Bitcoin price is likely to dip below $16,500 briefly. Once this is done, we could see further attempts to break the resistance above $17,000 next week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we saw a breakout last week and the local price was slightly lower overnight. Therefore, BTC/USD is likely to decline once again, potentially to retest the $16,000 support or make another local low above it.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve.