Today’s Bitcoin price analysis is bullish as we saw a decline higher after retracing to $16,500 in the last 24 hours. BTC/USD has most likely made a low and is now poised to continue even higher into the weekend.
The market has been trading in the red for the past 24 hours. Bitcoin, the leader, lost 4.18 percent and Ethereum lost 2.34 percent. Meanwhile, most of the top altcoins fell even further.
Bitcoin price movement in the last 24 hours: Bitcoin retested the downtrend
BTC/USD traded in a range of $16,543.48 to $18,054.31, indicating strong volatility over the past 24 hours. Trading volume has decreased by 38.55% to $60.3 billion, while the total market value was traded around $322.63 billion, resulting in a dominance of 37.92%.
Bitcoin/USD 4-Hour Chart: Bitcoin appears to be trading lower
On the 4-hour chart, we can see signs of support at the $16,500 mark, suggesting that a break below is likely.
Bitcoin’s price action saw another major swing, hitting $21,500 last weekend before quickly reversing this week. After breaking the previous support at $20,000, BTC/USD started to decline quickly and quickly reached $18,000.
From there, recovery did not follow, resulting in another quick wave decline on Wednesday. This time, the $16,000 support was tested, leading to a much stronger reaction than the $18,000 resistance.
Since then, Bitcoin has once again tried to move lower, however, the downward movement seen earlier is not enough for now, and is likely to lead to a local price drop overnight. Once this is done, Bitcoin/USD should see a move higher, possibly reaching the next resistance at $18,800.
Bitcoin Price Analysis: Conclusion
Today’s Bitcoin price analysis is bullish as we have seen a steady retracement that has registered just above $16,500 in the past few hours. Therefore, BTC/USD should soon see a higher bounce and further recovery towards the end of the week.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.