- BTC found support at around $32,000 yesterday.
- BTC/USD reached the $40,000 mark overnight.
- Bears prepare for another move lower.
Bitcoin price is bearish as the market found resistance around the $40,000 mark overnight and could not move any higher. Therefore, we expect BTC/USD to move lower over the next 24 hours to attempt to set another lower low.
BTC/USD opened at $38,850 today after a slight bullish close yesterday took the market to the $40,000 mark. Since further upside was not seen earlier today, we can assume that another lower high is set, and the market will retrace further over the next 24 hours.
On the 4-hour chart, we can see the Bitcoin price action failing to move above the $40,000 mark overnight. The overall market still continues to retrace from the all-time high of $65,000, set on the 14th of April. After an initial retracement to the $47,000 mark, BTC/USD consolidated for several days below $59,000 resistance.
After a brief move to retest the $42,000 previous support as a resistance, the market moved lower once again. Yesterday a strong higher low was set at the $32,000 indicating that bears are slowly losing control with the formation of bullish divergence support this stance.
