Ethereum
$ 1,090.43 7.60%
Solana
$ 33.43 8.76%
Dogecoin
$ 0.068569 0.44%
ApeCoin
$ 4.66 10.94%
Bitcoin
$ 19,980.82 3.25%
BNB
$ 216.88 7.69%

Bitcoin price analysis: BTC rejects upside at $30,000, another drop overnight?

Bitcoin Price analysis 2022 05 22
TL;DR Breakdown
  • Bitcoin price analysis is bearish today.
  • BTC/USD continued sideways overnight.
  • A quick spike and rejection at $30,000 followed.

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.

Bitcoin price analysis: BTC rejects upside at $30,000, another drop overnight? 1
Cryptocurrency heat map. Source: Coin360

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 price analysis: BTC rejects upside at $30,000, another drop overnight?
BTC/USD 4-hour chart. Source: TradingView

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.

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.

Related News

Hot Stories

Three Arrows could be liquidated due to the crypto market's bearish streak
INX And SICPA Sign A Groundbreaking Memorandum of Understanding To Establish a Joint Venture to Develop An Innovative Central Bank Digital Currency Ecosystem To Support Monetary Sovereignty
Ethereum price analysis: ETH slowly continues lower, will $1,100 hold?
GogolCoin Unveils Its Cryptocurrency Exchange - GOLEX - the Premier & Most Secure Exchange in MENA Region
Ethereum is set for another plunge, this fund manager believes

Follow Us

Industry News

Three Arrows could be liquidated due to the crypto market's bearish streak
Ronin bridge returns online after hack
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months