Bitcoin Price Analysis: BTC drops another 5 percent, on its way to $42,000 major support?

TL;DR Breakdown Bitcoin price analysis is bearish for today.BTC/USD saw further downside overnight.Market test previous low around $44,000. Bitcoin price analysis is bearish for today as we have seen a slow decline from the $48,000 current higher over the past days, and we expect this momentum to continue later this week. Therefore, BTC/USD is likely headed to the $42,000 mark next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with a bearish momentum over the last 24 hours as most altcoins saw a decline. Bitcoin has lost 3.55 percent, while Ethereum has around 6.8 percent. Meanwhile, Solana (SOL) is still among the best performers, with a gain of 11.43 percent. Bitcoin price movement in the last 24 hours: Bitcoin drops to $44,000 BTC/USD traded in a range of $44,364.03 – $46,792.32, indicating mild volatility over the last 24 hours. Trading volume has increased by 3.45 percent and totals $34 billion. Meanwhile, the total market cap trades around $844.6 billion, resulting in market dominance of 44.45 percent. BTC/USD 4-hour chart: BTC targets the $42,000 mark next? On the 4-hour chart, we can see the Bitcoin price action continuing to decline, indicating we might see further downside later this week. BTC/USD 4-hour chart. Source: TradingView Bitcoin price action has seen a substantial increase over the past weeks after support was established around the $38,000 mark after a retracement fr...