Today’s bitcoin price analysis is bearish as we saw a higher high of $21,500 yesterday and a steady recovery since. Hence, BTC/USD should soon retrace and retest the previous $21,000 resistance as support.
The market has been in the red for 24 hours. Bitcoin leader lost 0.03 percent while Ethereum lost 0.446 percent. The rest of the market is moving with similar momentum which is slightly bearish.
Bitcoin price action in the last 24 hours: Bitcoin back to $21,000
BTC/USD has been trading in a range from $21,158.31 to $21,352.70, showing little volatility over the last 24 hours. Trading volume fell 36.44 percent to a total of $31.52 billion, while the total market cap traded at around $408.54 billion, resulting in a market dominance of 38.61 percent.
BTC/USD 4-hour chart: BTC is moving with little momentum
On the 4 hours chart we can see a bit of selling over the last few hours maybe because sellers are not ready to break the 21,000 resistance.
Bitcoin price action continued to recover earlier in the week as a double top formed below $21,000 followed by a steady move back to $20,000 over the course of several days, setting a consolidation range.
However, the next move higher managed to break the previous resistance at $21,000 after a quick reaction. Finally a new high was set at $21,500 with a steady move lower since then.
Bitcoin price action is likely to continue lower overnight, paving the way for another recovery early next week. If another higher low is found above $20,000, we expect BTC/USD to try another wave higher later in the month. Otherwise, should the previous support fail, a much stronger recovery could be seen for the rest of the month.
Bitcoin Price Analysis: Conclusion
Today’s bitcoin price analysis is bearish as we have seen a steady recovery from the newly established $21,000 swing over the last 24 hours. With no sign of bullish momentum throughout the day, we expect BTC/USD to continue lower and recover above the $21,000 support.