Bitcoin Price Analysis: BTC Fails To Reach $17,000, Steady Move Lower Next?
Bitcoin price analysis is bearish today as we have seen no move higher in the last few days and steady consolidation. BTC/USD is likely to retest previous lows to set a clear higher low before another attempt to break even higher can be made.
The market has been trading with low volatility and weak bearish pressure in recent hours. BTC lost 0.59 percent, while ETH lost 2.85 percent. Meanwhile, the rest of the market has seen similar steady sideways momentum.
Bitcoin price movement in the last 24 hours: Bitcoin consolidated around $16,500
BTC/USD is trading in a range of $16,512.65 to $16,797.88, indicating low volatility. Trading volume has remained almost flat at around $18.9 billion, while total market capitalization traded at around $318 billion, resulting in a dominance of 38.66 percent.
BTC/USD 4-Hour Chart: BTC Looking To Retest $16,000?
On the 4-hour chart, we can see some weak selling pressure over the last 24 hours, likely as the downside will be retested overnight.
Bitcoin price action has been trading within an increasingly tight consolidation zone since the last lower spike was seen last Wednesday. From there, BTC/USD reacted higher to the $18,000 resistance, with further lower local highs and higher lows set since.
Over the past few days, the inability to break the $17,000 upper resistance resulted in further low volatility movement yesterday, slowly leading back towards the middle of the trading range.
Selling pressure should continue later in the day, likely as Bitcoin price action will look to drop below $16,500. Once that is done, we could see further attempts to break above the upper consolidation resistance at $17,000 next week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a lack of reversal over the past week and a slightly lower overnight local high. Therefore, BTC/USD is likely to have declined again, potentially to retest the $16,000 support or create another local low above it.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Cardano and Curve.
