Bitcoin price analysis is bearish today as we have seen a quick test of the upside result in a swift bounce lower. Therefore, BTC/USD should continue even higher and look to move past the $20,000 previous major support.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, saw a slight gain of 0.85 percent, while Ethereum by 0.79 percent. Meanwhile, Dogecoin (DOGE) was the top gainer, with almost 11 percent increase.
Bitcoin price movement in the last 24 hours: Bitcoin continued to retrace
BTC/USD traded in a range of $20,287.46 to $20,795.32, indicating moderate volatility over the last 24 hours. Trading volume has increased by 25.9 percent, totaling $41.7 billion, while the total market cap traded around $393.3 billion, resulting in market dominance of 38.74 percent.
BTC/USD 4-hour chart: BTC targets $20,000 next?
The 4-hour chart shows selling pressure return, likely leading past the $20,400 local support over the next hours.
Bitcoin price action has seen massive rally last week. From the $18,800 last support, BTC/USD gained over 12 percent until the $21,000 mark was reached.
Retrace followed on Thursday, resulting in a move to $20,000 support. Buying pressure returned from there, indicating that another wave higher will follow. However, BTC failed to move past the $21,000 resistance, resulting in a double top reversal formed.
Since then, Bitcoin price action has slowly declined back to the previous low. For now, the $20,400 mark offers some support, as a slight reaction higher was seen earlier today. Selling pressure has returned since then, leading BTC/USD to aggressively test the $20,400 support again.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we saw a double top formed and further selling yesterday. As retest of the upside quickly ended earlier today, we expect BTC/USD to drop even further and target the $20,000 support next.