Ethereum
$ 1,143.81 4.42%
Solana
$ 35.24 8.60%
Dogecoin
$ 0.065861 9.02%
ApeCoin
$ 4.90 4.92%
Bitcoin
$ 20,262.00 2.57%
BNB
$ 226.71 3.26%

Bitcoin price analysis: BTC looks to retrace further, drop to $40,000 next? 

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • It recorded more downside yesterday.
  • BTC/USD failed to recover.

Bitcoin price analysis is bearish today as we have seen more downside tested and failure to react upwards overnight. Therefore, we expect BTC/USD to dip further to the $40,000 support.

Bitcoin price analysis: BTC looks to retrace further, drop to $40,000 next?  1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 1.06 percent, while Ethereum gained 1.83 percent.

Bitcoin price movement in the last 24 hours: Bitcoin fails to recover, looks to move lower

BTC/USD traded in a range of $40,668.04 – $41,607.47, indicating mild volatility over the last 24 hours. Trading volume has increased by 24.54 percent, totaling $23.9 billion, while the total market cap trades at $776.3 billion, resulting in a dominance of 41.66 percent.

BTC/USD 4-hour chart: BTC ready to fall further?

On the 4-hour chart, selling pressure is still strong, indicating more downside to be tested by the end of the day.

Bitcoin price analysis: BTC looks to retrace further, drop to $40,000 next?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has made multiple attempts to push higher over the past week. After breaking free from the previous consolidation resistance around $39,500, it set a new higher high around $41,500 during the middle of the week.

Further upside follows later, leading to a test of $42,500 previous swing high resistance. From there, BTC/USD quickly retraced to the $41,000 mark.

If further downside can be prevented, we assume another strong higher low has been set, and the market will rally later in the week. However, if more selling takes place, we should see BTC retrace even further to the $40,000 next major support.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen failure to recover with the overall market. Therefore, we assume that bears are still in control, and BTC/USD is headed for further downside over the next 24 hours.

While waiting for Bitcoin to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO

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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