Bitcoin price analysis is declining today, because after the reaction from yesterday’s level of $ 28,000, we saw a break in the higher movement. Bitcoin / US Dollar should fall over the weekend and target the next major support of $ 27,500.
The market continued to trade red yesterday as Bitcoin could not recover further and fell 2.82%. Atrium fell even more by a loss of more than 7%. The rest of the market saw similar results.
Bitcoin price movement in the last 24 hours: Bitcoin continued its downward trend
BTC / USD traded in the range of $ 28,660.08 to $ 29,696.16, indicating significant fluctuations in the past 24 hours. Trading volume fell 2.54 percent to $ 34.38 billion, while the total market value was around $ 549.57 billion, leading to a dominance of 45.84%.
4-hour chart BTC / USD: BTC is ready to decline further
In the 4-hour chart, we can see returns below $ 29,000, which shows that the price of Bitcoin goes even lower over the weekend.
The price of Bitcoin finally showed signs of failure for the integration region seen in recent weeks. BTC / USD has started pushing for a break lower since hitting a slightly lower local level on Wednesday.
Yesterday, a quick break below the $ 29,000 merger support was seen in the middle of the day. However, the rapid recovery returned to the previous highest level, which indicates that more preparations are needed for Bitcoin to reach $ 27,500 in the next major support.
In general, we can expect a further decline in the coming days because the $ 29,000 support has already been broken. The next target of $ 27,500 is likely to be met soon, paving the way for further declines in early June.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish today because we saw more consolidation with a bearish move after a rapid jump and decline yesterday. Therefore, BTC / USD should continue to decline, and the first obvious target towards the downtrend is the previous main support of $ 27,500.
As you wait for more bitcoin to move, check out our price forecasts at WINkLink, BTCZ and Tectonic.