Bitcoin price analysis is bearish as the market moved lower overnight and has yet to reach the $37,500 support. Therefore, we expect further downside later today and a reversal from there later this week.
BTC/USD traded in a range of $38,176 – $39,576, indicating a moderate amount of volatility. Trading volume has remained flat and totals $39.6 billion. The total market cap stands at $734.4 billion, resulting in a market dominance of 45.2 percent.
On the 4-hour chart, we can see the Bitcoin price starting to retrace from the $41.333 local swing high, indicating that the $37,500 support will likely be tested later this week.
Bitcoin price analysis is bearish for today as the market has still not retraced towards the $37,500 support level where 50-61.8 Fibonacci retracement area is located. Once the support is reached, we can expect BTC/USD to turn bullish again and start moving towards setting a new higher high.