Bitcoin price analysis is bullish today as we expect the $ 29,250 price to maintain the current bearish test as a higher response is observed. Therefore, the BTC / USD should recover later today and seek to re-test the previous stabilization area as resistance to create another higher-near low.
The market traded at a significant loss in the last 24 hours as strong sales were observed early in the day. Leading Bitcoin fell 2.25 percent and Atrium fell 3.09 percent. Meanwhile, Cardano (ADA), Avalanche (AVAX) and Algorand (ALGO) have the worst performance of the major Altcoins with more than 6% loss.
Bitcoin price movement in the last 24 hours: Bitcoin broke the previous merger, re-tested the previous support of $ 29,250.
BTC / USD traded in the range of 29,333.89 to $ 30,396.19, which shows significant fluctuations in the last 24 hours. Trading volume increased by 16.28 percent to $ 28.35 billion, while the total market value is about $ 563.7 billion, which led to a market dominance of 46.52 percent.
Bitcoin / Dollar 4-Hour Chart: Bitcoin with $ 29,250 support rejects again
In the 4-hour chart, we can see a rapid rise in the price of bitcoin over the past few hours, returning to support at $ 29,250. However, since a higher response can be seen, we expect it to return to the previous merger area of around $ 30,000 within the next 24 hours.
Bitcoin prices continued to stabilize last week in an increasingly tightening zone. After the last big climb at the end of May, BTC / USD reached its highest level in the last few weeks at $ 32,500 and has not tried it again because the bears later re-entered the market.
After correction in early June, clear support was found and tested again for $ 29,250. This level has continued to reverse further downtrends over the past week, with no sign of failure yet.
In addition, BTC has set a series of lower peaks that represent a pattern of stabilization of the descending triangle that, if broken, would likely lead to another large wave on either side. Therefore, it is very important to watch out for further support at the $ 29,250 support or downtrend line.
Should an uptrend occur, the Bitcoin price action should eventually try to break the $ 32,500 ceiling, leading to a reversal of the multi-month trend. In this scenario, buy positions can be opened after setting a lowest level.
On the other hand, if a break occurs below $ 29,250, we will still have another strong support close to $ 28,750. If this level can be broken, it will lead to further declines in the coming weeks, as further support is seen below the $ 25,500 level.
For now, however, we expect BTC / USD to offset some of the losses and re-test the previous stabilization area as resistance. If a strong base is to be built there over the weekend, Bitcoin should see more efforts to lower prices early next week, potentially leading to the aforementioned bearish scenario.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today because the market has not been able to break the $ 29,250 support once again after a rapid jump. Therefore, Bitcoin / US Dollar should fall once again and return to the previous stabilization level within the next 24 hours. Hence, we expect more efforts to reduce prices next week, as the overall market atmosphere for several months continues to decline.
As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.