Bitcoin price analysis is bearish today as $17,000 once again acted as strong resistance, leading to steady selling pressure in the second half of the day. Thus, BTC/USD is poised to drop even further and test the key $16,000 support.
The market has been trading in the red for the past 24 hours. Bitcoin, the leader, lost 2.18 percent and Ethereum 3.87 percent. Meanwhile, the rest of the market followed suit as selling was seen across the board.
Bitcoin price movement in the last 24 hours: Bitcoin failed to break $17,000
BTC/USD traded in a range of $16,430.11 to $16,960.30, indicating minor volatility over the past 24 hours. Trading volume decreased by 4.68% to $35.57 billion, while the total market value was traded at around $319 billion, resulting in a market dominance of 38.34%.
BTC/USD 4-Hour Chart: BTC Ready to Break $16,000?
On the 4-hour chart, we can see the return of selling pressure in the previous hours as the bears are actively looking to test the $16,000 support.
After a major support reaction at $16,000, which created a maximum resistance at $18,000, Bitcoin price has been trading in a bullish range over the past week. From there, another retest of $16,000 support followed on Monday.
A mild reaction led to resistance at $17,000, making a lower high. Since then, BTC/USD has been trading without a clear direction as both sellers and buyers are unable to gather enough momentum.
However, a retest of the $17,000 resistance seen overnight suggests that another decline will continue over the next 24 hours. If the $16,000 support fails to break, we expect more attempts to reverse the multi-week trend. Otherwise, BTC/USD should break below the $16,000 support and continue testing its multi-month lows in late October.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis today is bearish as we saw a failure to recover and another turn below the $17,000 resistance. Therefore, we expect BTC/USD to break even lower and return to the $16,000 support.
While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve.