Bitcoin price analysis today is bearish as we saw a double up at $17,000 as there was no recovery over the past 24 hours. Therefore, we expect Bitcoin/USD to reverse soon and see another attempt to continue the downtrend in the coming days.
The market has been trading with an upward movement in the last 24 hours. Bitcoin and Ethereum rose 1.69% and 1.45% respectively. Meanwhile, the rest of the market has been led by Ripple, up more than 9%.
Bitcoin price movement in the last 24 hours: Bitcoin has reached its previous high again
BTC/USD traded in a range of $16,267.33 to $17,051.96, indicating moderate volatility over the past 24 hours. Trading volume decreased by 19.54% to $38.57 billion, while the total market value was traded at around $322.54 billion, resulting in a market dominance of 38.24%.
Bitcoin/USD 4-Hour Chart: Is Bitcoin Ready to Fall Further?
On the 4-hour chart, we can see a reaction at the $17,000 resistance, indicating that a local bearish has been set up and another attempt to move lower overnight will follow.
Bitcoin price traded on strong selling pressure in the first half of October. After the last bounce lower, a higher reaction was seen at the $16,000 support last Thursday.
From there, BTC/USD set a local high-low at $18,000 and has since been consolidating in a rising range with a slightly higher high-low and low-low at $17,000 and $16,000, respectively.
Yesterday, Bitcoin price action tried to move higher once again. However, resistance around $17,000 was strong as momentum was weak throughout the day, leading BTC to form a local double reversal.
Selling pressure has returned slightly since then, suggesting a lower pivot overnight. If the sellers can gain more momentum, we should see an aggressive test of the $16,000 support.
If support is broken, further downside may follow in the coming weeks. Bitcoin, on the other hand, will attempt to eventually set a high and make a much stronger pullback towards the previous key support level at $20,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis today is bearish as we have seen a failure to break the previous local high at $17,000 and some minor selling in the past hours. Thus, BTC/USD is likely to go even lower and attempt another break above the current key swing high of $16,000.
While you wait for Ethereum to move further, check out our price predictions on XDC, Cardano and Curve.