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.
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 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.