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Bitcoin Price Analysis: Bitcoin Finds $ 27,250 Support – Will It Be Tracked Again Next Week?

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  Bitcoin

Bitcoin price analysis is bullish today because we have seen more decline in recent days and support reached $ 27,250. In addition, BTC / USD is currently forming a strong uptrend, indicating that correction should follow early next week. Therefore, we expect a rapid overnight recovery to begin, with the previous $ 28,250 support as the first target.

Bitcoin Price Analysis: Bitcoin Finds $ 27,250 Support - Will It Be Tracked Again Next Week?  1
Thermal map of digital currencies. Source: Coin360

The market has been trading in red for the past 24 hours as sales continued across the page. Leading Bitcoin lost 3.62 percent and Atrium lost about 5 percent. The rest of the top descending altcoins were even bigger.

Bitcoin price movement in the last 24 hours: Bitcoin fell 5% again, began to consolidate in reverse.

BTC / USD traded in the range of 27,049.04 to 28,721.02 $, which shows strong fluctuations in the last 24 hours. Trading volume fell 19.22 percent to $ 33.89 billion, while the total market value was trading at about $ 526.56 billion, leading to a market dominance of 47.82 percent.

4-Hour Bitcoin / Dollar Chart: Is Bitcoin Ready to Return?

In the 4-hour chart, we can see the formation of a 4-hour reverse candle, which indicates that it should have a higher uptrend by the end of the day. Most likely, the previous support at $ 28,250 will soon be tested as resistance, with much more potential to climb late next week.

Bitcoin Price Analysis: Bitcoin gets $ 27,250 overnight support, will it be tracked again next week?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action this weekend has seen a sharp break below the previous merger zone. Following the formation of the downtrend pattern in early June, the BTC / USD weakened in the middle of the week as the cows were unable to test the downtrend once again.

From there, mergers formed between $ 30,000 and $ 30,500, with increasingly lower local peaks indicating lower pressures to follow. The first downtrend followed on Friday, leading to a clear break from the previous key support of $ 29,250.

After a brief re-test of previous support as a resistance, bitcoin even declined early on Saturday. The next support target reached $ 28,250 early yesterday, potentially indicating a reversal.

However, the BTC / USD could not be reversed after a few hours of stabilization late yesterday, which led to more overnight sales today. The price of bitcoin quickly lost another 5% before support reached $ 27,250. Around there, stabilization followed today, with the formation of rejection candles over the past few hours.

In general, if we can see strong price performance and strong daily closing in the next few hours, Bitcoin should be very bullish next week. The previous $ 28,250 support is likely to be gained quickly, and given how much has been lost in recent days, there is much more room for improvement.

The most likely target for future correction is the previous main support of $ 29,250. If the price can stabilize there, a clear higher will be set, paving the way for much further declines in the coming weeks.

On the other hand, if the recovery can reach $ 30,500, we will see only a slightly higher peak. The price of bitcoin can then set a lower one to reverse the current multi-month decline. In general, it depends a lot on how well the cows can keep up with the bitcoin price next week.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today because we have seen a sharp decline in the last few days, leading to a loss of more than 13%. So the bears must eventually disappear, and the current $ 27,250 support should serve as a focal point for the market. If the current 4-hour ascending pin spark plug can be powerfully closed, we may see the first pressure during the night.

As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.

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