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Bitcoin price analysis: BTC fails to move lower, push higher next?

Bitcoin Price analysis 2022 05 07
TL;DR Breakdown
  • Bitcoin price analysis is bullish today.
  • BTC/USD saw another test of $35,500 support yesterday.
  • Consolidation has continued since midnight.

Bitcoin price analysis is bullish today as we expect the current consolidation to end with a retracement. Likely BTC/USD will look to retest previous support as resistance at the $37,500 mark.

Bitcoin price analysis: BTC fails to move lower, push higher next? 1
Cryptocurrency heat map. Source: Coin360

The market has turned bearish over the last 24 hours. The leader, Bitcoin, lost 0.83 percent, while Ethereum 0.76 percent. Meanwhile, Terra (LUNA) is the worst performer with an almost 10 percent loss.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates as bearish momentum is exhausted

BTC/USD traded in a range of $35,769.94 – $36,216.95, indicating mild volatility over the last day. Trading volume has declined by 50.75 percent, totaling $25.34 billion, while the total market cap trades around $686 billion, resulting in a dominance of 41.57 percent.

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

On the 4-hour chart, we can see bulls slowly taking over the momentum as Bitcoin has found support at $35,500.

Bitcoin price analysis: BTC fails to move lower, push higher next?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw a higher high set early in the week as the $39,000 mark was broken on 4 May 2022. Further upside followed quickly until the major resistance at $40,000 was reached.

BTC/USD reversed quickly from there, dropping over 10 percent in less than 24 hours until the $35,500 mark. Yesterday the newly found support was retested again with another rejection, indicating that sellers are exhausted again.

This Bitcoin price action development indicates that a reversal should soon form. Likely the $36,500 resistance will soon be broken, and the $37,500 next major resistance will be reached early next week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen rejection for further downside turn into consolidation over the last 24 hours. Therefore, BTC/USD is ready to reverse and retrace to retest previous support as resistance around $37,500.

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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