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Bitcoin price analysis: BTC retests $35,500, ready to retrace over the weekend?

Bitcoin Price analysis 2022 05 06
TL;DR Breakdown
  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another push lower this morning.
  • Reaction higher seen over the last hours.

Bitcoin price analysis is bullish today as we have seen another quick spike lower faced with a reaction higher at the $35,500. Therefore, BTC/USD has likely exhausted its bearish pressure, and a retracement is due to follow over the weekend.

Bitcoin price analysis: BTC retests $35,500, ready to retrace over the weekend? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong selling continue over the last 24 hours. The leader, Bitcoin, gained 8.66 percent, while Ethereum followed with a 7.9 percent loss. The rest of the top altcoins have seen similar bearish results.

Bitcoin price movement in the last 24 hours: Bitcoin forms double bottom

BTC/USD traded in a range of $35,482.13 to $37,233.74, indicating strong volatility over the last 24 hours. Trading volume has increased by 22.81 percent, totaling $50.5 billion, while the total market cap trades around $687.2 billion, resulting in a dominance of 41.47 percent.

BTC/USD 4-hour chart: BTC ready to retrace?

On the 4-hour chart, we can see another rejection for further downside, indicating that retracement should follow over the weekend.

Bitcoin price analysis: BTC retests $35,500, ready to retrace over the weekend?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a break higher earlier this week from the previous descending triangle resistance. However, the $40,000 mark offered enough resistance to turn the market around quickly.

A quick drop of around 11 percent followed yesterday, leading to the $35,600 mark. After some consolidation overnight, more downside was briefly tested again at around $35,500.

Therefore, Bitcoin price action is likely ready to retrace as sellers are finally exhausted. Likely we will see more upside over the weekend, with the $37,500 previous major support being the first obvious resistance level.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen another rejection for downside at the $35,500 despite another slightly lower low set over the past hours. Likely this means that BTC/USD is ready to reverse and move higher over the next days.

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.

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