Today’s bitcoin price analysis is bearish as the market made a new lower top after adjusting to $41,600 yesterday. The selling momentum picked up again in the second half of the day, suggesting that the previous low is likely to be tested over the weekend.
The market has been moving in the red for the last 24 hours. The best-performing Bitcoin fell 2.95 percent and Ethereum followed, down 2.68 percent. The worst performer was Terra (LUNA) with a loss of more than 6.6 percent.
Bitcoin price action over the last 24 hours: Bitcoin consolidating below $41,600, bouncing lower
BTC/USD is trading in the $40,065.39 – $41,451.48 range, indicating strong volatility over the last 24 hours. Trading volume fell 8.91 percent, totaling $27.38 billion, while the total market capitalization stood at $761.9 billion, resulting in a 40.86 percent dominance.
BTC/USD 4-hour chart: BTC ready to be retested at $39,200?
Looking at the 4-hour chart, we can see the bitcoin price dropping back rapidly due to the reselling pressure in the second half of the day. Bitcoin price has been falling since early April. After last week’s sharp decline, a new low was marked on April 11 at $39,200.
Consolidation took place early in the week until a quick recovery took BTC/USD to $41,600. Since then, consolidation has formed indicating that a lower maximum has indeed been set.
Therefore, the current decline is just a natural consequence of Bitcoin’s previous price action. Significantly weaker countries are likely to follow suit soon, causing BTC/USD to retest the current minor swing at $39,200.
Bitcoin Price Analysis: Conclusion
Today’s bitcoin price analysis is bearish as the market made another lower top and started pushing lower. Hence, the previous low of $39,200 needs to be tested soon, potentially heading lower over the weekend.