Bitcoin value evaluation: BTC continues consolidation round $38,500, able to drop once more?

Bitcoin value evaluation is bearish in the present day as we’ve got seen one other robust decrease excessive set and consolidation shaped since then. Due to this fact, BTC/USD is able to drop once more and look to interrupt previous the $37,500 help.

Bitcoin price analysis: BTC continues consolidation around $38,500, ready to drop again?  1
Cryptocurrency warmth map. Supply: Coin360

The market has seen largely bearish buying and selling over the past day. The chief, Bitcoin, declined by 1.5 %, whereas Ethereum by 0.22 %. Tron (TRX) and Algorand (ALGO had been the exceptions as they gained over 7 and 12 %, respectively.

Bitcoin value motion within the final 24 hours: Bitcoin continued to pivot

BTC/USD traded in a variety of $38,156.56 – $38,857.94, indicating a light quantity of volatility over the past 24 hours. Buying and selling quantity has declined by 14.43 %, totaling $29.34 billion, whereas the overall market cap trades round $728 billion, leading to a dominance of 42.14 %.

BTC/USD 4-hour chart: BTC begins declining once more

On the 4-hour chart, we will see the Bitcoin value motion testing the draw back once more as a powerful base from which to drop additional has been set earlier within the week.

Bitcoin price analysis: BTC continues consolidation, ready to drop again?
BTC/USD 4-hour chart. Supply: TradingView

Bitcoin value motion has seen extra draw back over the previous weeks proceed. After one other drop on the finish of April, BTC/USD reached a brand new low at $37,500.

Retracement adopted over the following two days till the $39,000 mark was reached. Additional upside was clearly rejected a number of occasions, leading to a consolidation shaped since.

Due to this fact, Bitcoin value is able to drop additional. As soon as the $37,500 mark is breached, much more draw back might shortly comply with later within the week with the following main help degree so far as the $36,000 mark.

Bitcoin value evaluation: Conclusion 

Bitcoin value evaluation is bearish in the present day as we’ve got seen a bounce from the $39,000 resistance and consolidation over the past 24 hours. BTC/USD is probably going now arrange for the following wave decrease beneath the $37,500 present help.

Whereas ready for Bitcoin to maneuver additional, see our articles on How one can stake Shiba Inu on Metamask, How one can purchase Ankr, and Is Safuu funding in 2022.

Disclaimer. The knowledge offered will not be buying and selling recommendation. holds no legal responsibility for any investments made primarily based on the knowledge offered on this web page. We strongly advocate unbiased analysis and/or session with a professional skilled earlier than making any funding choices.

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