Bitcoin price analysis: BTC rejects further upside at $32,000, another push lower overnight?

Bitcoin Price analysis 2022 05 10
TL;DR Breakdown
  • Bitcoin price analysis is bearish today.
  • BTC/USD saw retracement to $32,000 overnight.
  • Rejection for further upside seen over the last hours.

Bitcoin price analysis is bearish today as we have seen strong selling pressure return throughout the day as the $32,000 mark has offered plenty of resistance. Therefore, ETH/USD should continue even lower and look to finally break the $29,500 next major support.

Bitcoin price analysis: BTC rejects further upside at $32,000, another push lower overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.11 percent, while Ethereum followed with just a 1.05 percent loss. Terra (LUNA), meanwhile was the worst performer, with over 45 percent decline.

Bitcoin price movement in the last 24 hours: Bitcoin retraces and pauses before selling returns

BTC/USD traded in a range of $29,944.80 to $32,596.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 55.55 percent, totaling $71.2 billion, while the total market cap trades around $593.1 billion, resulting in a dominance of 41.23 percent.

BTC/USD 4-hour chart: BTC looks to drop further?

On the 4-hour chart, we can see selling pressure returning as the $32,000 mark has offered strong resistance.

Bitcoin price analysis: BTC rejects further upside at $32,000, another push lower overnight?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen further downside over the last week as the several-month decline continued. After failing to breach the $37,500 mark several times, BTC/USD rallied to the $40,000 mark and set a higher high.

However, a quick reversal followed. BTC spiked below $37,500 support and went as low as the $35,500 in less than 24 hours. More downside followed later last week, leading to the current several-day decline to the $30,000 mark.

Late yesterday, bears were finally exhausted, sending Bitcoin price into slight but quick retracement to the $32,000 mark. Currently, further upside has been rejected twice, indicating that BTC/USD is ready to decline even further over the next days.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has seen a quick reaction higher and rejection for further upside. Likely, selling pressure will soon return, pushing BTC/USD past the $29,500 next major 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.

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