- Bitcoin price analysis is bearish today.
- BTC/USD saw another quick spike to $59,000 in the afternoon.
- The closest support around $56,000 is likely to be tested next.
Bitcoin price analysis is bearish today as the $59,000 resistance has rejected further upside for the third time this week. Therefore, we expect BTC/USD to finally see a strong move lower to continue moving along with the overall downtrend.
The cryptocurrency market has seen mixed results over the last 24 hours as selling pressure returned in the afternoon. The market leaders, Bitcoin and Ethereum, are both slightly in the red, while Terra (LUNA) and Algorand (ALGO) lead the market with over 7 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin consolidated around $57,000, spikes to $59,000 again later in the day
BTC/USD traded in a range of $56,679.53 – $59,041.69, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11.54 percent, totaling $34.89 billion. Meanwhile, the total market cap trades around $1.1 trillion, resulting in market dominance of 41 percent.
BTC/USD 4-hour chart: BTC looks to test downside again
On the 4-hour chart, we can see bearish momentum quickly returning after a spike to the $59,000 mark, likely meaning that the Bitcoin price will test previous lows again.
Bitcoin price has seen a continuous decline over the past weeks. After setting the previous swing lower high slightly above $59,000, BTC/USD saw a sharp selloff last Friday, leading to a new lower low set around $53,500.
From there, Bitcoin consolidated over the weekend before rapidly moving higher overnight to Monday. At first, the $58,000 mark offered resistance, with a further spike higher leading BTC to the $59,000 previous major resistance on Monday.
Since then, we have seen the Bitcoin price action consolidating mostly around $57,000 – $58,000 price area, with the $59,000 briefly tested twice more. The last retest was met with strong selling pressure a couple of hours ago, indicating that we can expect more downside to come over the next 24 hours.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as another rejection for the upside was seen at the $59,000 resistance. Therefore, we expect BTC/USD to move towards the $56,000 support again later in the day, potentially leading to a more substantial drop later.