BTC traded in a range of $37,513 – $39,122, indicating strong volatility over the last 24 hours. Trading volume has declined by 26 percent, totaling $21.14 billion, while the total market cap trades at $734.9 billion, resulting in a dominance of 41.65 percent.
On the 4-hour chart, we can see the Bitcoin price experiencing slight rejection from the $39,000 mark, indicating a good potential for a reversal back to the downside over the next hours.
Bitcoin price action has continued to decline so far this week. From the last major lower high at $44,500, BTC/USD has lost around 18 percent of the current low at $36,500, indicating potential exhaustion for sellers.
However, for now, both lower lows and highs are still being set. After the $36,500 mark was reached on the 22nd of February, BTC slowly retraced higher, with the $39,500 mark being the previous low.
Despite strong buying pressure over the last 24 hours, another lower high seems to be set around $39,000 as of now. Therefore, we should see a reversal back to the downside soon, likely leading the Bitcoin price to test even further lows.
The next major support is located at $36,000. Overall, the selling pressure should start diminishing later in the week, eventually leading to a much more serious pullback.
Bitcoin price analysis is bearish today as the market has found resistance at $39,000, with a slight reaction lower seen over the past hours. Therefore, we expect BTC/USD to reverse soon and look to test the $36,000 next major support.
On the 4-hour chart, we can see the Bitcoin price experiencing slight rejection from the $39,000 mark, indicating a good potential for a reversal back to the downside over the next hours.
Bitcoin price action has continued to decline so far this week. From the last major lower high at $44,500, BTC/USD has lost around 18 percent of the current low at $36,500, indicating potential exhaustion for sellers.
However, for now, both lower lows and highs are still being set. After the $36,500 mark was reached on the 22nd of February, BTC slowly retraced higher, with the $39,500 mark being the previous low.
Despite strong buying pressure over the last 24 hours, another lower high seems to be set around $39,000 as of now. Therefore, we should see a reversal back to the downside soon, likely leading the Bitcoin price to test even further lows.
The next major support is located at $36,000. Overall, the selling pressure should start diminishing later in the week, eventually leading to a much more serious pullback.
Bitcoin price analysis is bearish today as the market has found resistance at $39,000, with a slight reaction lower seen over the past hours. Therefore, we expect BTC/USD to reverse soon and look to test the $36,000 next major support.