Ethereum
$ 1,019.26 9.07%
Solana
$ 31.64 9.70%
Dogecoin
$ 0.063163 4.79%
ApeCoin
$ 4.29 9.92%
Bitcoin
$ 19,100.22 5.06%
BNB
$ 208.68 5.31%

Bitcoin price analysis: BTC on its way below $38,000?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD saw another drop yesterday.
  • Reaction from $38,000 support was seen this morning.

Bitcoin price analysis is bearish today as we expect the current reaction higher to soon set another lower high and lead towards further downside over the next days. Likely BTC/USD will break past the $38,000 support next and continue along with the several-week bearish trend.

Bitcoin price analysis: BTC on its way below $38,000? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a slight upsurge over the last 24 hours. The leader, Bitcoin, gained 2.02 percent, while Ethereum gained 0.84 percent. Meanwhile, the rest of the top altcoins have followed close by.

Bitcoin price movement in the last 24 hours: Bitcoin finds support at $38,000, reacts higher

BTC/USD traded in a range of $37,884.99 – $39,397.92, indicating substantial volatility over the last 24 hours. Trading volume has increased by 14.12 percent, totaling $35.1 billion, while the total market cap trades around $746 billion, resulting in market dominance of 41.41 percent.

BTC/USD 4-hour chart: BTC looks to set another lower high

On the 4-hour chart, we can see the Bitcoin price action pushing higher as bulls look to set another lower high.

Bitcoin price analysis: BTC on its way below $38,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen reversal and more downside tested so far this week. After a strong high was set at $43,000 on 21 April 2022, BTC/USD dropped another 11 percent by the end of the last week.

Retracement followed on Monday, setting a lower high at $40,800. From there, BTC/USD quickly pivoted and started to decline again.

Next support at $38,000 was reached late yesterday, with immediate reaction higher seen this morning. So far, the Bitcoin price action has retraced to retest the $39,200 previous support as resistance, indicating that another lower high could be set there.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market likely will find resistance at $39,200 and pivot lower later today. From there, BTC/USD should make another push lower, this time, past the $38,000 support.

While waiting for Bitcoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

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.

Related News

Hot Stories

Ethereum price analysis: ETH drops further, swiftly looks to break $1,000?
Famous Tiktoker Khaby Lame becomes Binance Web3 global ambassador
NFT Company OpenSea cautions users on email phishing following a data breach
Grayscale in court challenging SEC on rejecting Spot Bitcoin ETF
Solana price analysis: Bears push downtrend, demoting SOL down to $32

Follow Us

Industry News

CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak
Ronin bridge returns online after hack
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report