- Bitcoin price analysis is bearish today.
- BTC/USD continued to decline over the last 24 hours.
- Brief support was found above $40,000 this morning.
Bitcoin price analysis is bearish today as we have seen a strong decline lead to the $40,000 support. After some consolidation earlier, BTC/USD has managed to break even lower, likely leading to more downside tested over the next 24 hours.
The market has declined over the last 24 hours. The leader, Bitcoin, lost 4.88 percent, while Ethereum 4.3 percent. The rest of the top altcoins saw similar performance.
Bitcoin price movement in the last 24 hours: Bitcoin breaks $41,750, rapidly moves lower
BTC/USD traded in a range of $39,781.74 – $42,098.49, indicating strong volatility over the last 24 hours. Trading volume has increased by 16.72 percent, totaling $27.9 billion. Meanwhile, the total market cap trades around $755.2 billion, resulting in a dominance of 41.65 percent.
BTC/USD 4-hour chart: BTC targets $38,500 next?
On the 4-hour chart, we can see the Bitcoin price action currently breaking past the $40,000 support, likely leading to more downside over the next 24 hours.
Bitcoin price action has seen a strong reversal this week. After a new major swing high was set at $46,000 on the 10th of February, BTC/USD retraced to $41,750.
From there, consolidation formed during the last weekend. Attempts to continue higher were seen on the 15th of February, leading to the $44,500 mark, where strong resistance was seen. The reversal followed soon, indicating a strong lower high set and a shift in the overall several-week momentum.
Strong push lower began yesterday, leading the Bitcoin price to break past the $41,750 previous low and quickly reach the $40,000 next major support overnight. Some consolidation followed early today, however, more downside did follow over the past hours, breaking past the support.
Therefore, we expect BTC/USD to drop even lower over the next 24 hours. Likely the $38,500 mark will be reached next as it previously acted as a very strong resistance. Until then, BTC should see further selling.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen strong selling pressure continue over the last 24 hours. BTC/USD has broken past the $40,000 next support, indicating very bearish market sentiment as of now.