Today’s Bitcoin price analysis is bearish as yesterday we saw a sharp rejection of further upside and a continuous decline towards previous lows. Therefore, if this momentum continues, we expect BTC/USD to break even lower and look to target the previous swing low of $18,000.
The market has been trading in the red for the past 24 hours as mild bearish momentum has returned across the board. Bitcoin, the leader, fell 1.17%, while Ethereum shed more than 0.89%. The rest of the top altcoins follow closely.
Bitcoin price movement in the last 24 hours: Bitcoin not recovering, still lower
BTC/USD traded in a range of $19,027.08 to $19,590.12, indicating mild volatility over the past 24 hours. Trading volume decreased by 39.14% to a total of $19.4 billion, while the total market capitalization traded around $367.7 billion, resulting in a market capitalization of 42.23%.
Bitcoin/USD 4-Hour Chart: Is Bitcoin Ready to Continue Lower?
On the 4-hour chart, Bitcoin price has continued to decline over the past 24 hours, indicating that a recovery is unlikely to follow. Therefore, BTC/USD should fall even further and look to break through the $18,800 support.
The price of Bitcoin has been a steady change from the previous resistance of $21,500 earlier this week. The decline started at the beginning of the week and slowly pushed BTC/USD to retrace most of the previous gains.
Finally, support was found at $18,800, with a strong reaction immediately following. However, after jumping to the $20,850 mark, BTC/USD was quickly rejected for further gains.
Late yesterday, Bitcoin fell to an all-time low before starting to consolidate. A further rally is unlikely to come later today, sending Bitcoin back below the current low of $18,800 for a further downside test.
After the support is broken, we expect a further decline towards the $18,000 support. If this level is broken next week, the price of Bitcoin will fall much further in late July.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a sharp decline in the past few days and no quick acceptance to recover early yesterday. BTC/USD is likely to continue to decline towards the end of the week, looking to reach the $18,000 support next week.
While you wait for Bitcoin to move further, check out our price forecast on UNUS SED LEO, BITO and Klaytn.