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Bitcoin Price Analysis: Bitcoin goes lower and does not cross $ 29,000 again

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  Bitcoin

Bitcoin price analysis is bullish today as we expect the current re-testing of the $ 29,500 support with the local double-bottom set to end. Bitcoin / US Dollar should rise to over $ 31,000 later this week.

Bitcoin Price Analysis: Bitcoin goes lower, does not cross $ 29,000 again.
Thermal map of digital currencies. Source: Coin360

The market has declined further in the last 24 hours as corrections have failed across the page. Leading Bitcoin lost 2.48%, Atrium 3.57%, while the rest of the top Bitcoin were in the next category.

Bitcoin price movement in the last 24 hours: Bitcoin re-tests its previous low level because the correction fails

BTC / USD traded in the range of 29534.54 to $ 30633.03, indicating slight fluctuations in the past 24 hours. Trading volume fell 29.25 percent to $ 30.5 billion, while the total market value was about $ 566.19 billion, leading to a dominance of 46.36 percent.

Bitcoin / Dollar 4-Hour Chart: Does Bitcoin Look to Recover?

In the 4-hour chart, we can see support at around $ 29,500, the previous lowest price, which will probably push the price of Bitcoin to another rally in the coming days.

Bitcoin Price Analysis: Bitcoin goes lower and does not cross $ 29,000 again
4-hour chart BTC / USD. Source: TradingView

Bitcoin price movement has increased sharply in the first half of the week. From the previous low of $ 28,000, BTC / USD rose more than 15% and almost reached the next key resistance at $ 32,500.

Since the previous key resistance was clearly broken, BTC clearly showed its strength, which could lead to a further increase in the continuation of June. For now, however, the correction is still in progress, as another reduction of around $ 29,500 has been found.

If Bitcoin can be reversed soon and maintain its current price level, we expect price increases to begin soon. Once the $ 31,000 mark is broken, the Bitcoin / US Dollar should rise more rapidly. In general, this means that the ascent should start next week as well.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as we saw a strong re-test of the previous local low with another rejection for a downtrend. So, BTC / USD is now ready to go back and send another strong wave.

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