Bitcoin price analysis is bearish today as we have seen consolidation and a quick test of the $30,000 over the past hours being met with rejection. Therefore, BTC/USD will soon start to decline again and finally break the $29,000 support.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.16 percent, while Ethereum gained 1.25 percent. Meanwhile, Avalanche (AVAX) is the top performer, with over 5.5 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin fails to reach further upside
BTC/USD traded in a range of $29,275.18 to $30,230.13, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 8.77 percent, totaling $20.817 billion, while the total market cap trades around $568.57 billion, resulting in a market dominance of 44.56 percent.
BTC/USD 4-hour chart: BTC ready to drop again?
On the 4-hour chart, we can see rejection for upside at the $30,000 mark, likely leading to another drop lower over the next 24 hours.
Bitcoin had seen steady sideways action since the end of last week when it retraced from the $25,500 support. From there, support was established at around $29,000, while resistance was at $31,000.
This week, BTC/USD moved around this price area with several retests both ways, indicating indecision. Therefore, until a clear break lower is seen, the next market direction is still not fully clear.
However, considering that a slightly lower high was set previously and that the current test of upside failed to breach $30,000 significantly, we could soon see a break to the downside.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has failed to reach above $30,000 and stay there. Therefore, another lower local high has been set, and we can expect BTC/USD to drop even further early next week, with the $27,500 mark as the next target.