- BTC moved sideways overnight.
- $41,000 mark still respected.
- Support around $37,500.
Bitcoin price analysis is bearish as the market could not move higher overnight and a base from which to retrace has been formed over the last 24 hours. Therefore, we can expect BTC/USD to move to $37,500 support over the next few days.
The overall market trades with a slight loss over the next 24 hours. Bitcoin has remained flat with a small gain of 0.59 percent, while Ethereum trades with a 2.3 percent loss. Chainlink (LINK) is among the worst performers with a loss of almost 6 percent.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $39,609 – $41,295, indicating a moderate amount of volatility. Trading volume has decreased by 16 percent and totals $38.6 billion. The total market capitalization stands at $750 billion, resulting in a market dominance of 43.61 percent.
BTC/USD 4-hour chart – rejects further upside
On the 4-hour chart, we can see the Ethereum price action failing to move higher overnight, likely leading to a retracement later this week.
Overall Bitcoin price action has started to become bullish once again as a clear higher high was set on Monday. This indicates that the several week sideways movement around the $35,000-$37,500 consolidation area likely has come to an end and we can start to look for an entry, with expectation that Bitcoin will push higher later this month.
Last week, we saw BTC/USD retrace to $31,000 mark to retest the previous swing low, ehre a sharp rejection for further downside was seen and ended the several week retracement in May. From there, BTC has made two strong upswings higher, indicating bulls building momentum.
Over the past days, Bitcoin price consolidated around the $40,000 mark, meaning that further upside will not be seen unless a substantial retracement follows. Therefore, we expect Bitcoin to move towards the $37,500 support over the next 24 hours.
Around the $37,500 price mark, we can also see a 50-61.8 percent retracement area from the previous swing low of $34,620 to $41,333. This means that entry around this area would offer excellent risk/reward potential, with the next upside target at $47,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish as bulls could not move the market price any higher overnight and a rejection was formed. This means that we can expect BTC/USD to retrace to the $37,500 support over the following days.
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