Bitcoin price analysis is bearish today as we have seen failure to move any higher over the past days and steady consolidation. Likely BTC/USD will retest previous lows, to set a clear higher low before another attempt to break even higher can be made.
The market has traded with low volatility and slight bearish pressure over the past hours. BTC lost 0.59 percent, while ETH lost 2.85 percent. Meanwhile, the rest of the market has seen similar steady sideways momentum.
Bitcoin price movement in the last 24 hours: Bitcoin consolidated around $16,500
BTC/USD traded in a range of $16,512.65 to $16,797.88, indicating low volatility. Trading volume has remained almost unchained around $18.9 billion, while the total market cap traded around $318 billion, resulting in a dominance of 38.66 percent.
BTC/USD 4-hour chart: BTC looking to retest $16,000?
On the 4-hour chart, we can see slight selling pressure over the last 24 hours, likely as the downside will be retested overnight.
Bitcoin price action has traded within an increasingly tighter consolidation range since the last spike lower was seen last Wednesday. From there, BTC/USD reacted higher to the $18,000 resistance, with further lower local highs and higher lows set since.
Over the past days, failure to break the upper resistance at $17,000 resulted in further low volatility movement yesterday, slowly leading back toward the middle of the trading range.
Selling pressure should continue later in the day, likely as Bitcoin price action will look to briefly dip below $16,500. Once that is done, we could see further attempts to break above the $17,000 upper consolidation resistance next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen failure to reverse over the past week and a slightly lower local high set overnight. Therefore, BTC/USD has likely headed lower once again, potentially to retest the $16,000 support or create another local low above it.