Bitcoin price analysis is bearish today as we have seen a lower high set around $30,500 and consolidation late yesterday, leading to another local spike lower. Since the previous low was broken, we expect BTC/USD to drop even further and target the $27,500 mark next.
The market has traded in the red over the last 24 hours. Bitcoin lost 3.21 percent, while Ethereum a more substantial 4.16 percent. Meanwhile, the rest of the top altcoins declined even further with 7-9 percent losses.
Bitcoin price movement in the last 24 hours: Bitcoin fails to retrace further, begins another wave lower
BTC/USD traded in a range of $28,804.17 to $30,618.72, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 12.27 percent, totaling $30.28 billion, while the total market cap trades around $555.44 billion, resulting in market dominance of 44.53 percent.
BTC/USD 4-hour chart: BTC ready to break $29,000 support?
On the 4-hour chart, we can see strong selling pressure over the last hours, indicating that another push lower can be expected later today.
Bitcoin price has slowed down its retracement over the last days after the last local high was set at $31,350. From there, a higher local low was set at $29,000 before another push higher was attempted.
This time, BTC/USD failed to retrace even further, with consolidation formed yesterday below $30,500. Bearish momentum increased overnight, leading BTC to drop lower over the last hours.
Currently, Bitcoin tests the $29,000 previous low. Likely, break lower is imminent, and the next target at $27,500 will be reached tomorrow if a sudden reversal does not follow overnight.
In this scenario, the Bitcoin price should see a lot more downside over the rest of May. However, if a clear higher low can be set above $25,500, BTC/USD could see a reversal of the several-week bearish trend.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we saw failure to move higher and consolidation below $30,500 yesterday. Therefore, today’s slight bearish momentum will likely lead BTC/USD to break down and push towards the $27,500 next major support.