Bitcoin price is pessimistic today due to the recent inability to climb higher and continuous consolidation. BTC/USD will most likely retest prior lows in order to establish a clear higher low before attempting to break much higher.
Over the last several hours, the market has been trading with minimal volatility and mild negative pressure. BTC fell by 0.59 percent, while ETH fell by 2.85 percent. Meanwhile, the remainder of the market has maintained a consistent sideways trend.
In the previous 24 hours, the price of bitcoin has moved as follows:
- Bitcoin traded between $16,512.65 to $16,797.88, showing modest volatility.
- Trading volume has been almost unchained at $18.9 billion, while
- Total market value has traded at about $318 billion, resulting in a 38.66 percent dominance.
BTC/USD 4-hour Price Chart: Is Bitcoin about to Retest $16,000?
The 4-hour chart shows some selling pressure over the previous 24 hours, indicating that the downside will be retested overnight.
Source: TradingView
Since the last move down on Wednesday, bitcoin price action has traded inside an increasingly tighter consolidation zone. BTC/USD then responded higher to the $18,000 barrier, with lower local highs and higher lows afterward.
Failure to breach the upper barrier above $17,000 resulted in continued low volatility movement yesterday, gradually drifting back into the trading range’s center.
Later in the day, selling pressure is expected to persist as Bitcoin price movement attempts to sink below $16,500 temporarily. After that, we may see more efforts to break over the $17,000 upper consolidation barrier next week.
Final Thoughts
Today’s Bitcoin price analysis is negative due to the inability to reverse over the last week and a little lower local high reached overnight. As a result, BTC/USD is expected to fall further, maybe retesting the $16,000 support or making another local low above it.
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