Today’s Bitcoin price analysis is bullish as we expect it to make another clear local low after a sharp decline over the past 24 hours. Therefore, we expect BTC/USD to rally towards the previous support at $21,500 and make another high.
The market has been trading in the red over the past 24 hours, with Bitcoin leading the charge down 5.5%. Meanwhile, Ethereum lost nearly 10%, and the rest of the top altcoins fell by the wayside.
Bitcoin price movement in the last 24 hours: Bitcoin recorded another low
BTC/USD traded in a range of $20,776.82 to $22,213.48, indicating strong volatility over the past 24 hours. Trading volume increased by 5.26% to a total of $32.15 billion, while the total market value was around 399.56 billion transactions, resulting in a 41.86% dominance.
Bitcoin/USD 4-Hour Chart: Bitcoin Retests $21,500 as Resistance?
On the 4-hour chart, we can see the decline in the price of Bitcoin, which suggests that the bulls will soon take over and look to make another local high.
Bitcoin’s price action has seen a steady rebound since last Wednesday, when a new swing high hit $24,250. From there, a quick lower reaction and a bullish retest of the lower high at $23,600 confirmed that more downtrend is on the way.
Later, over the weekend, BTC/USD actually moved even lower, eventually setting a lower local high at $23,000. From there, a strong push lower began early Monday, leading to a quick bounce from the next support at $21,500.
A further decline was seen later today and it crossed the $21,000 mark with little movement. This probably means that the bears are tired for now, and a bullish retest is needed to record another higher low before further declines can be attempted later in the week.
Bitcoin Price Analysis: Conclusion
Today’s Bitcoin price analysis is bearish as we saw a strong push come to an end as soon as the $21,000 mark was slowly broken. Therefore, the bears are tired and should move higher after that.
While you wait for Bitcoin to move further, check out our price forecast on UNUS SED LEO, BITO and Klaytn.