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Bitcoin Price Analysis: Bitcoin test below $ 29,000, less input reduction?

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  Bitcoin

Bitcoin price analysis is declining today, as we saw a price drop of around $ 30,500 and a merger late yesterday that led to another local jump. Since the previous low was broken, we expect Bitcoin / USD to fall even further and bring the next price to $ 27,500.

Bitcoin Price Analysis: Bitcoin test below $ 29,000, less input reduction?  6
Thermal map of digital currencies Source: Coin360

The market has been trading in red in the last 24 hours. Bitcoin lost 3.21 percent, while Atrium was 4.16 percent more significant. Meanwhile, the rest of the top altcoins fell even further by a loss of 7 to 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin could not move more than this and starts another wave lower

Bitcoin / USD traded in the range of 28804.17 dollars to 30618.72 dollars, which shows the average amount of fluctuations in the last 24 hours. Trading volume increased by 12.27% to $ 30.28 billion, while the total market value was about $ 555.44 billion, which led to a market dominance of 44.53%.

Bitcoin / Dollar 4-Hour Chart: Is Bitcoin Ready to Break $ 29,000 Support?

In the 4-hour chart, we can see strong selling pressure in the past hours, which indicates that we can expect another decline later today.

Bitcoin Price Analysis: Bitcoin test below $ 29,000, less input reduction?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin has slowed down in recent days after the last local high was set at $ 31,350. From there, before trying to push more, the lowest local level was set at $ 29,000.

This time, the Bitcoin / US dollar could not grow even higher, hitting below $ 30,500 yesterday. The overnight downtrend increased and caused bitcoin to decline in the past few hours.

Currently, Bitcoin is testing the previous low of $ 29,000. Most likely, the fall is imminent and the next target will be $ 27,500 tomorrow if there is no sudden overnight return.

In this scenario, the price of bitcoin will fall much more than the rest of May. However, if a clear lower above $ 25,500 can be set, the BTC / USD could see a reversal of the several-week downtrend.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because yesterday we saw a break in moving higher and stabilizing below $ 30,500. Therefore, a slight downtrend today is likely to push the Bitcoin / US dollar to break and move to the next major support of $ 27,500.

While you wait for more bitcoin to move, check out our articles on how to buy BTT, Elongate and CRO coins.