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Bitcoin price analysis: BTC retests $31,000, another drop incoming?

Bitcoin Price analysis 2022 05 15
TL;DR Breakdown
  • Bitcoin price analysis is bearish today.
  • BTC/USD saw a slight rally overnight.
  • Sideways momentum continues since morning.

Bitcoin price analysis is bearish today as we expect another lower high to be set before more downside is tested early next week. Likely BTC/USD will return below $29,500 overnight, opening the way for another push lower.

Bitcoin price analysis: BTC retests $31,000, another drop incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. Bitcoin gained 3.92, while Ethereum 4.34 percent. Meanwhile, the rest of the top altcoins recovered even further.

Bitcoin price movement in the last 24 hours: Bitcoin sets both lower high and higher low

BTC/USD traded in a range of $29,274.78 to $30,446.32, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11.95 percent, totaling $26 billion, while the total market cap trades around $570.9 billion, resulting in a dominance of 44.39 percent.

BTC/USD 4-hour chart: BTC ready to decline again?

On the 4-hour chart, we can see sideways action above the $29,500 mark, indicating that another drop will soon follow.

Bitcoin price analysis: BTC retests $31,000, another drop incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded with strong bearish momentum throughout the week. After some consolidation below $32,000 resistance at the beginning of the week, another drop quickly took BTC/USD towards a new low at $25,500, meaning another loss of around 20 percent.

Recovery followed on Friday, leading to a lower high set at $31,000, However, another clear drop did not follow as bears were still exhausted. Therefore, a higher local low was set just below $29,000 before slight bullish momentum resumed overnight.

Since then, the $30,000 mark has served as a consolidation area, indicating that another lower high has been set. Unless bullish momentum reappears, we expect another lower high to be set, leading Bitcoin price towards further downside early next week.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as the market has slowly traded towards setting another lower high around the $30,000 mark. Since further upside is unlikely, we expect BTC/USD to continue lower and look to retest the previous major swing low at $25,500 early next week.

While waiting for Bitcoin to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

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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