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Bitcoin price analysis is bearish today as we have seen failure to move any higher after reaction from the $28,000 mark yesterday. BTC/USD should continue lower over the weekend and target the $27,500 next major support.
The market has continued trading in the red over the past day as Bitcoin failed to recover further and declined by 2.82 percent. Ethereum saw an even more substantial loss, with over 7 percent in the red. The rest of the market saw similar results.
Bitcoin price movement in the last 24 hours: Bitcoin continued testing the downside
BTC/USD traded in a range of $28,660.08 to $29,696.16, indicating substantial volatility over the last 24 hours. Trading volume has declined by 2.54 percent, totaling $34.38 billion, while the total market cap trades around $549.57 billion, resulting in a dominance of 45.84 percent.
BTC/USD 4-hour chart: BTC ready to drop further
On the 4-hour chart, we can see a return below $29,000 major support, indicating that the Bitcoin price is headed even lower over the weekend.
Bitcoin price has finally shown signs of failure for the consolidation area that was seen over the past weeks. Ever since a slightly lower local high was set on Wednesday, BTC/USD started to push for a break lower.
Yesterday, a quick break below $29,000 consolidation support was seen during the middle of the day. However, a quick recovery followed back to the previous high, indicating that further preparations are needed for BTC to reach $27,500 next major support.
Overall, more downside can be expected over the next days as the $29,000 support has already been breached. Likely the next target at $27,500 will be soon reached, opening the way for more downside early in June.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we saw further consolidation with bearish momentum after a quick spike lower and recovery yesterday. Therefore, BTC/USD should continue to decline, with the first obvious target to the downside being the $27,500 previous major support.
While waiting for Bitcoin to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.