Today’s Bitcoin price analysis is bearish as we saw a strong rally higher to $21,500 yesterday and a steady uptrend since then. Therefore, BTC/USD should soon retest and retest the previous $21,000 resistance as support.
The market has been trading in the red for the past 24 hours. Bitcoin, the leader, lost 0.03 percent and Ethereum lost 0.446 percent. The rest of the market followed a similar downward trend.
Bitcoin price movement in the last 24 hours: Bitcoin returns to $21,000
BTC/USD traded in a range of $21,158.31 to $21,352.70, indicating mild volatility over the past 24 hours. Trading volume decreased by 36.44% to $31.52 billion, while the total market value was traded around $408.54 billion, resulting in a market dominance of 38.61%.
Bitcoin/USD 4-Hour Chart: Bitcoin is moving low
On the 4-hour chart, we can see some minor selling in the previous hours as sellers are not yet ready to break the 21,000 resistance.
Bitcoin price action saw a steady rebound earlier in the week as Bitcoin price doubled back below $21,000. A solid retracement to $20,000 followed over the course of several days, setting the consolidation range.
However, the following bullish move was able to break through the previous resistance at $21,000 after a quick reaction. Finally, a new high was set at $21,500, with a steady move lower since then.
Bitcoin price action is likely to continue even lower overnight, paving the way for a further rebound early next week. If another low is established above $20,000, we expect BTC/USD to extend another wave later in the month. Otherwise, the rest of the month could see a much bigger pullback if the previous support fails to hold.
Bitcoin Price Analysis: Conclusion
Today’s Bitcoin price analysis is bearish as we saw a steady bounce back from fresh swings at $21,000 in the last 24 hours. As there were no signs of upside during the day, we expect BTC/USD to break even lower and break through the $21,000 support.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.