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  • Bitcoin Price Analysis: Bitcoin finds support at $ 34,000, reacts faster

Bitcoin Price Analysis: Bitcoin finds support at $ 34,000, reacts faster

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is bullish today.
  • BTC / USD saw further decline yesterday.
  • A sharp increase to $ 34,000 had been seen before.

Bitcoin price analysis is bullish today because earlier today we saw a sharp decline to further decline to the $ 34,000 level. Therefore, we expect the BTC / USD to find a new volatility and go back from there.

Bitcoin Price Analysis: Bitcoin finds support at $ 34,000, reacts faster than 8
Thermal map of digital currencies Source: Coin360

The market has seen a bearish return over the past 24 hours. Bitcoin and Atrium lost 9.67% and 15.1%, respectively. Meanwhile, the top altcoins are followed with similar results.

Bitcoin price movement in the last 24 hours: Bitcoin increased to $ 34,000

BTC / USD traded in the range of 34,349.25 to 38,984.72 $, which shows a lot of fluctuations in the last 24 hours. Trading volume increased by 23.83% to $ 49.57 billion. Meanwhile, the total market value is traded at $ 666 billion, which leads to a market dominance of 41.44%.

4-hour Bitcoin / Dollar Chart: Bitcoin reacts from the $ 34,000 mark

In the 4-hour chart, we can see the bitcoin price decline in the past few hours, potentially leading to a reversal later today.

Bitcoin Price Analysis: Bitcoin finds support at $ 34,000, reacts faster
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action earlier this week saw a steady decline, leading to $ 41,000. From there, the highest price was set on January 20 before a sharp change to $ 43,500.

A sharp 11 percent drop followed by $ 38,000. After a short pause, sales resumed yesterday, leading to another 12% loss.

However, as we can see from the $ 34,000 reaction, the price of Bitcoin has probably reached its lowest point. Thus, we can see that Bitcoin / US Dollar is reversing and starting to move higher to offset some of the significant loss.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today because we expect sales to be over. The BTC / USD is likely to reverse after reacting to the $ 34,000 support and begin tracking previous losses.

While you wait for more bitcoin to move, check out our articles on Coinbase Vault vs Wallet, Cardano Price Forecasts, and Crypto Tax Loss Receipts.