- Bitcoin price analysis is bearish today.
- BTC/USD briefly moved above $43,000 yesterday.
- Strong selloff seen since midnight.
Bitcoin price analysis is bearish today as we have seen a test of the upside flip into a massive selloff. BTC/USD has already lost almost 7 percent, with more downside likely to follow soon.
The market has seen red over the last 24 hours as we saw strong selling pressure overnight. The leader, Bitcoin, quickly lost 4.95 percent, while Ethereum shed 8.11 percent. Most of the top altcoins performed even worse.
Bitcoin price movement in the last 24 hours: Bitcoin dips past $42,000 low, looks to drop even further
BTC/USD traded in a range of $40,650.21 – $43,376.38, indicating strong volatility over the last 24 hours. Trading volume has spiked by 110.6 percent, totaling $28.56 billion, while the total market cap trades at $775.25 billion, resulting in 41.51 percent market dominance.
BTC/USD 4-hour chart: BTC targets $40,000 next?
On the 4-hour chart, we can see the selling pressure remaining strong for Bitcoin’s price action, indicating that we may reach the $40,000 support soon.
Bitcoin price action has continued to retrace since the start of April. After several attempts to break higher at the beginning of the month, BTC/USD quickly dropped to $43,000 on the 7th of April.
More downside followed to $42,000 on the 8th of April. It briefly reclaimed some of the losses as BTC rallied above $43,000. However, the bears quickly regained control, leading to more downside tests overnight.
By midday, the Bitcoin price had already dipped past the $41,000 next support, indicating the strength of the selling pressure. We expect to reach the next support at $40,000 by the end of the day, a very deep retracement from the massive rally in March.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a substantial decline since late yesterday. The $41,000 support did not offer much respite, likely leading BTC/USD to $40,000 next.