Bitcoin Price Analysis: BTC set to break $38,000, targets $36,500 next?

TL;DR Breakdown

• BTC could not breach the $40,000 mark overnight.
• BTC/USD currently tests $38,000 support.
• Bitcoin is likely to reach the $36,500 mark next.

Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside above $40,000 could not be reached overnight. Therefore, we expect BTC/USD to break past the current low around the $38,000 mark, and target $36,500 next.

The crypto market has become bearish again over the last 24 hours. The market leader, Bitcoin, trades with a loss of 2.54 percent, while Ethereum with a loss of 1.28 percent. The rest of the top altcoins follow with a loss of around 2 percent.

Bitcoin price movement in the last 24 hours: Bitcoin fails to reach previous highs

BTC/USD traded in a range of $37,785.25 – $39,952.30, indicating mild volatility over the last 24 hours. Trading volume has increased by 11.5 percent and totals $26 billion. Meanwhile, the total market capitalization trades around $708.3 billion, resulting in market dominance of 22.92 percent.

BTC/USD 4-hour chart: BTC targets $36.500 next?

On the 4-hour chart, we can see the Bitcoin price action moving past the previous low of around $38,000 over the past hours as bears want to establish a lower high of around $36,500 later today.

Bitcoin price action trades with a strong bullish momentum over the last weeks after the previous major swing low around $29,500 was retested. From there, BTC/USD rallied by more than 40 percent until the $42,500 mark was reached.

From the $42,500 mark, Bitcoin started to retrace on Sunday and reached the $38,000 mark yesterday. After a quick rally higher overnight, BTC/USD found resistance at the $40,000 mark and reversed once again.

This Bitcoin price action development has resulted in another rapid move lower today, with the previous low currently tested. BTC will likely steak past the low and target the $36,500 support over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis indicates bearish momentum to follow later today as a lower high was set overnight and BTC/USD started to decline earlier today. Therefore, we expect BTC to move past the $38,000 previous support and test the next support at $36,500. 

While waiting for Bitcoin to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2021-08-05/