- Bitcoin price analysis is bearish today.
- BTC/USD continued to retrace yesterday.
- Rejection of upside seen over the last hours.
Bitcoin price analysis is bearish today as we have seen more upside slowly tested and rejected over the last hours. Therefore, BTC/USD has set another lower high and is now ready to decline further.
The market has seen more bullish momentum over the last 24 hours. The leader, Bitcoin, gained 2.08 percent, while Ethereum gained 2.14 percent. The rest of the market follows with mostly bullish results.
Bitcoin price movement in the last 24 hours: Bitcoin rallies towards $40,000
BTC/USD traded in a range of $38,730.63 – $40,063.59, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 9 percent, totaling $31.66 billion, while the total market cap trades around $759.5 billion, resulting in a dominance of 41.72 percent.
BTC/USD 4-hour chart: BTC rejects further upside
On the 4-hour chart, the Bitcoin price action was rapidly rejected as soon as the $40,000 mark was breached, indicating that another lower high is likely set.
Bitcoin price action has continued to decline over the past week. After retracement to $40,600 on 26 April 2022, BTC/USD set a strong lower high, indicating that more downside will soon follow.
Another spike lower followed a day later, and a new low was quickly reached at $38,000. Therefore, the several-week bearish trend is still strong and more downside can be expected to be reached by the end of the week.
Considering Bitcoin price action over the last 24 hours, we expect another lower high to be set at $40,000. Therefore, the bearish momentum should resume if further upside does not follow in the next 24 hours.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as resistance has likely been found at $40,000 after substantial retracement from the previous wave lower. Likely BTC/USD will soon see selling pressure return and move back towards the previous low.