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Bitcoin price analysis: BTC fails to break $39,500, begins to decline further?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD continues to respect $39,500 resistance.
  • Support at $38,000 briefly tested overnight.

Bitcoin price analysis is bearish today as we have seen a break below the previous consolidation area. Therefore, the current retest of the $39,500 resistance could be the last one before a more substantial decline later in the week.

Bitcoin price analysis: BTC fails to break $39,500, begins to decline further? 1
Cryptocurrency heat map. Source: Coin360

The market has declined over the last 24 hours as selling pressure reemerged overnight. The leader, Bitcoin, lost 0.02 percent, while Ethereum relinquished 0.14 percent. Other top altcoins recorded similar results in the same period.

Bitcoin price movement in the last 24 hours: Bitcoin spikes lower, returns to $39,500

BTC/USD traded in the $37,680.73 – $39,234.62 range, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 48 percent, totaling $24.3 billion, while the total market cap sits around $740.8 billion, representing a dominance of 42.62 percent.

BTC/USD 4-hour chart: BTC looks to continue lower?

On the 4-hour chart, we can see the price of Bitcoin retesting previous resistance, likely leading to another attempt to push lower if it is not broken.

Bitcoin price analysis: BTC fails to break $39,500, begins to decline further?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has moved into a multiple-day consolidation after a strong retracement on the 10th of March. It found support around $38,600 and has tested this level several times, along with the $39,500 resistance.

Therefore, BTC/USD is indecisive on its next significant movement. Previously, the higher local low indicated a reversal back to the upside. However, the bulls have not demonstrated any strength since then.

On the contrary, the price of Bitcoin saw a quick spike lower overnight, leading slightly below $38,000, which is way below the previous consolidation area. This means that BTC/USD has set a lower low, and the current retest of the $39,500 resistance could turn into a much more serious selloff over the next 24 hours.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen it briefly set a lower low and a retest the $39,500 resistance over the past hours. Sellers may soon return to further test the downside, given the weakness of the bulls over the last 24 hours.

While waiting for more Ethereum movement, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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