Bitcoin price analysis: BTC retests $38,000 as resistance, more downside incoming?
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TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD reached further downside at $36,400 yesterday.
- Retracement to $38,000 seen today.
Bitcoin price analysis is bearish today as the previous support at $38,000 has been retested as resistance. Likely BTC/USD will soon set another lower high and continue to decline along with the more than week-long downswing.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 2.81 percent, while Ethereum by 4.38 percent. Meanwhile, Ripple (XRP) is among the worst performers, with a loss of over 10 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks lower, retraces to previous low
BTC/USD traded in a range of $36,488.93 – $38,836.69, indicating strong volatility over the last 24 hours. Trading volume has increased by 23.6 percent, totaling $28.64 billion, while the total market cap trades around $715 billion, resulting in a dominance of 42.12 percent.
BTC/USD 4-hour chart: BTC ready to push lower again?
On the 4-hour chart, we can see a new local lower high set around $38,000, indicating that the Bitcoin price action is ready to continue declining.
Bitcoin price has continued to decline over the past week. After failing to break further heights, BTC/USD posted a clear lower high on the 15th of February, indicating more downside will follow.
Since then, the market has swiftly declined and broken past the $40,000 mark. The $38,000 mark offered some support over the weekend, however, sellers continued to push BTC even lower.
From the $44,500 last swing high, the Bitcoin price has lost over 18 percent, indicating that a reversal back to the upside could come soon. For now, bears are still in control, as the $38,000 mark was retested as resistance earlier today.
Therefore, we expect BTC/USD to continue even lower over the next few days. Likely the next support mark at $36,000 will be soon reached, meaning a very extended downswing overall.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market saw another local lower high set after a spike to $36,500 yesterday. Likely bears are now ready to push the market even lower, with the $36,000 mark being the next obvious target.
While waiting for Bitcoin to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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