TL;DR Breakdown
- Bitcoin price analysis is bearish today.
- BTC/USD continued lower yesterday.
- Support at $42,000 broken overnight.
Bitcoin price analysis is bearish today as we expect more downside to follow after a strong decline over the last 24 hours. Likely BTC/USD will look to test previous major resistance at $39,500 over the weekend in an attempt to set another higher low.
![Bitcoin price analysis: BTC targets $40,000 as selling swiftly increases 9 Bitcoin price analysis: BTC targets $40,000 as selling swiftly increases 8](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2022/03/bitcoin-price-analysis-btc-targets-40000-as-selling-swiftly-increases.png)
The market has continued in the red over the last day. The leader, Bitcoin, lost 4.54 percent, while Ethereum posted a more substantial loss of 5/72 percent. Most of the top altcoins have followed with similar losses.
Bitcoin price movement in the last 24 hours: Bitcoin breaks $42,000, continues lower
BTC/USD traded in a range of $40,839.41 – $42,689.91, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20.32 percent, totaling $30 billion, while the total market cap trades around $776 billion, resulting in a dominance of 42.76 percent.
BTC/USD 4-hour chart: BTC/USD on its way to $40,000
On the 4-hour chart, we can see a steady decline for the Bitcoin price, likely leading towards the previous resistance area around $39,500-$40,000 to be tested next.
![Bitcoin price analysis: BTC targets $40,000 as selling swiftly increases 10 Bitcoin price analysis: BTC targets $40,000 as selling increases](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2022/03/bitcoin-price-analysis-btc-targets-40000-as-selling-swiftly-increases-1.png)
Bitcoin price action has seen a strong gain this week. After an initial move above $39,500 previous resistance, BTC/USD quickly set a strong higher low on the 28th of February.
From there, bulls quickly pushed the market to new highs, resulting in an increase of 20 percent in a couple of days. Eventually, more upside was strongly rejected around the $45,600 mark on Wednesday, leading to a slow reversal.
Selling pressure increased yesterday, leading the Bitcoin price action below $42,000 support by the end of the day. Overnight, more downside was tested, with BTC/USD moving past the $41,000 mark later today.
Overall, the current retracement should follow over the next 24 hours. If support can be found around $39,500-$40,000 previous support, we should see another strong higher low set before more upside returns next week.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a steady decline continue over the last 24 hours. Therefore, we expect BTC/USD to retrace even further and move towards the $40,000 to set another higher low over the weekend.
While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.
- 000
- 9
- Action
- Altcoins
- analysis
- Another
- AREA
- around
- articles
- bearish
- Billion
- Bitcoin
- Bitcoin Price
- Bitcoin Price Analysis
- BTC
- BTC/USD
- Bulls
- buy
- coinbase
- continue
- continues
- Couple
- crypto
- Current
- day
- ethereum
- expect
- follow
- found
- HTTPS
- Increase
- increased
- leading
- major
- map
- mark
- Market
- Market Cap
- most
- move
- movement
- moving
- pressure
- price
- Price Analysis
- quickly
- range
- returns
- set
- similar
- strong
- substantial
- support
- test
- today
- top
- trades
- Trading
- Volatility
- volume
- week
- weekend