Bitcoin price analysis is declining today, as we have seen more bullish failure since the morning due to the $ 30,500 resistance. Therefore, BTC / USD should continue the further downtrend test today and seek to return to the previous low of $ 29,250.
Overall the market has grown across the page. Bitcoin and Atrium traded up 3.46% and 3.16%, respectively, and most top altcoins released similar results. Cardano (ADA) and Algorand (ALGO) are ahead with 10 and 6% performance increases, respectively.
Bitcoin price movement in the last 24 hours: Bitcoin test fell and stabilized around $ 30,500
BTC / USD traded in the range of $ 29,536.86 to $ 31,489.68, which shows significant fluctuations in the last 24 hours. Trading volume increased by 18.41%, reaching a total of $ 41.77 billion, which indicates an increase in interest rates at current price levels. Meanwhile, the total market value increased to $ 584.32 billion, leading to a dominance of 46.51%.
4-hour Bitcoin / US Dollar Chart: Does Bitcoin see a slight reversal before further decline?
In the 4-hour chart, after a rapid jump overnight, we can see a slight improvement. However, as long as the $ 30,500 price remains in place, we expect further downward pressure in the next 24 hours.
Bitcoin price action showed a clear sign of upward acceleration that took control of the overall market structure at the end of May. After a breakout of $ 28,000, the BTC / USD recovered rapidly to the next resistance level of $ 32,500, an increase of more than 15% and a strong higher set.
From there, corrections followed early last week, with new support at $ 29,250. Over the weekend, the market moved into a narrow trading range, creating a base that could go even higher.
However, the next rally on May 6, 2022 could not be further bullish and the highest local level was set with a low resolution of $ 31,600. The Bears quickly recovered all previous gains and returned to $ 29,250 overnight yesterday, meaning an even stronger base has been created.
Late yesterday, another increase in the opposite direction was followed, as the highest local level was set less quickly at $ 31,500, indicating further consolidation in a descending triangle pattern. Overnight, another downtrend pushed the market back above $ 30,500, confirming another high.
Since then, the bitcoin price action has stabilized below the resistance, with the rejection of the rise observed in the past hours. This price action development indicates that more downtrends should be pursued soon. Most likely, BTC / USD will eventually try to break the local support of $ 29,200 and move to test the $ 29,000 mark that was observed several times in May. When broken, there may be many more negative points in late June.
In this scenario, the next major support is in the $ 27,500 to $ 28,000 price range. On the other hand, if the uptrend reappears and the current local peak is broken, another strong wave may follow by the end of this week.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today because the market has seen a sharp decline and a slight return since yesterday. The uptrend has been reversed in recent hours, indicating a further downtrend should be followed over the weekend. Therefore, the previous low of $ 29,200 and the next major support target of $ 29,000 should be reached by the end of the week.
As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.