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  • Bitcoin Price Analysis: Bitcoin falls below $ 29,000 and quickly returns to the previous merger zone.

Bitcoin Price Analysis: Bitcoin falls below $ 29,000 and quickly returns to the previous merger zone.

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  Bitcoin

Bitcoin price analysis is bullish today as we see a strong increase in $ 28,000 support and a quick reaction to the previous merger area. So, we expect to have more uptrend later today, potentially to retest the previous highest local price of $ 30,000.

Bitcoin Price Analysis: Bitcoin falls below $ 29,000, quickly returning to the previous merger zone 1.
Thermal map of digital currencies. Source: Coin360

The market has experienced a rapid decline over the past 24 hours as previous support levels could no longer be tolerated. Bitcoin traded slightly higher at 0.13% after a quick recovery, while Atrium remained at 3.41% in red.

Bitcoin price movement in the last 24 hours: Bitcoin has left the previous integration

BTC / USD traded in the range of 28261.91 to 29972.64 $, which shows strong fluctuations in the last 24 hours. Trading volume increased by 36.68% to $ 36.14 billion, while the total market value was about $ 562.825 billion, which led to a market dominance of 45.3%.

4-hour BTC / USD chart: Bitcoin returns to $ 30,000

In the 4-hour chart, we can see the re-control of the uptrend, because of a stronger reaction after the drop observed in the middle of the day.

Bitcoin Price Analysis: Bitcoin falls below $ 29,000 and quickly returns to the previous merger zone.
4-hour chart BTC / USD. Source: TradingView

Bitcoin price movements have experienced much more stabilization over the past ten days as the market did not decide on the next move. With clear support at $ 29,000 and resistance at $ 31,000, BTC / USD has both tested again in recent days.

Yesterday, however, a slightly higher local level was set at around $ 30,000, indicating a possible drop in input. Overnight, sellers slowly piled up, pushing Bitcoin to its main support of $ 29,000.

The price cut was actually followed by a rapid rise to $ 28,000 in the middle of the day. In the following hours, a rapid reaction above $ 29,000 was observed, which potentially indicates that more ascents are on the way.

In general, a clear downward signal is seen in the market. We expect to see more negatives by the end of the month when Bitcoin reaches a higher local level.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as we saw a rapid decline to $ 28,000, which was met with a sharper response. Therefore, a higher uptrend can be expected, which is likely to lead to a higher, lower level.

As you wait for more bitcoin to move, check out our price forecasts at WINkLink, BTCZ and Tectonic.