Bitcoin price analysis is bearish today as we saw further price declines at $ 18,000 yesterday and a quick reaction to retest the previous $ 20,000 support as resistance earlier today. Therefore, BTC / USD should be ready to continue the downtrend next week, and the next target towards the downtrend is $ 16,000.
The market has been trading in green for the last 24 hours. Bitcoin, Vanguard, grew 1.551% and Atrium 4.07%. Meanwhile, the top altcoins have gained even more, and Lightcoin has gained more than 11% and has the best performance.
Bitcoin price movement in the last 24 hours: Bitcoin continues to decline further
BTC / USD traded in the range of 17708.62 to 19892.29 dollars, which shows significant fluctuations in the past 24 hours. Trading volume increased by 37% to a total of $ 45 billion, while the total market value was about $ 371..65 billion, which led to a dominance of 43.17%.
4-hour chart BTC / USD: Is BTC ready to fall further?
In the 4-hour chart, we can see the price action of Bitcoin, which is quickly re-testing the previous $ 20,000 support as resistance. So, if we reach a higher uptrend later today, we expect another lower pressure to follow soon, with the next target hovering around $ 16,000.
Bitcoin continued to decline last week after the initial decline in prices last week. Since the last high of around $ 31,500, BTC / USD has fallen more than 40 percent to its current low of $ 18,000, meaning sellers should be tired soon.
However, after some reactions to the previous low of $ 20,000 earlier this week, BTC was unable to recover from its previous $ 23,000. After further re-testing of the $ 20,000 support on Friday, small stabilization followed in the increasingly limited range.
The $ 20,000 support did not last long as another downturn followed early Saturday. Sales continued at $ 18,000, indicating another clear set. Later in the day, another local merger took place, leading to a rapid return this morning.
This time, the previous local support at $ 20,000 was tested as resistance and created a clear lower local. Therefore, another downward pressure must soon be followed by the newly found local resistance. Sales are likely to resume overnight, paving the way for a decline again early next week.
Considering the previous drop from around $ 21,000 to $ 18,000, we expect a similar decline. Therefore, the next downside target should be $ 16,000. This means another drop of about 15 percent, with the total loss from the last swing more than 50 percent. From there, another fast tracker must set the highest location to the lowest.
On the other hand, if the price of Bitcoin improves sharply above $ 20,000, a reversal may take place in June. However, given how stable the downward pressure has been in recent weeks, this scenario is unlikely.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is down today because the market has re-tested the previous lowest level as resistance and slowed its return in the past hours. This means that another local high is set, and the bears will soon be ready to lower the BTC / USD even lower. Given the current downtrend, the next downtrend is likely to be $ 16,000.
As you wait for more Bitcoin to move, check out our guide to the best Light Coin wallets, the best places to invest $ HBAR, and how to survive the Crypto winter.