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Bitcoin Price Analysis: Bitcoin is re-testing $ 30,700, are you ready for further reductions?

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  Bitcoin

Bitcoin price analysis is declining today as we have seen another failed attempt to move higher and jump rapidly to the $ 29,000 mark. Therefore, BTC / USD will soon go even lower and move to the next support of $ 27,500.

Bitcoin Price Analysis: Bitcoin is re-testing $ 30,700, are you ready for further reductions?  4
Thermal map of digital currencies Source: Coin360

The market has seen more sales in the last 24 hours as Vanguard Bitcoin fell 4.22%. Atrium, meanwhile, fell 3.87 percent and the rest of the top altcoins fell even further.

Bitcoin price movement in the last 24 hours: Bitcoin could not rise further

BTC / USD traded in the range of 28827.25 to 30664.98 $, which shows slight fluctuations in the last 24 hours. Trading volume fell 8.65 percent to $ 30.8 billion, while the total market value was about $ 549.6 billion, leading to a market dominance of 44.56 percent.

Bitcoin / US Dollar 4-Hour Chart: Does Bitcoin seem to test $ 27,500?

In the 4-hour chart, we can see a return to selling pressure, as the lowest current level is being tested again, indicating a possible overnight failure.

Bitcoin Price Analysis: Bitcoin is re-testing $ 30,700, are you ready for further reductions?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action witnessed a correction to the integration last weekend. After the last push above $ 31,000 late on Sunday, BTC / USD saw a breakout, indicating another reversal.

Since then, Bitcoin has set lower and lower prices at around $ 28,700, indicating that it will soon see further declines. So, the next re-test of the previous high, at $ 30,700, has created a local double top, and we can expect more climbs soon.

The sharp decline over the past few hours confirms this, and we are likely to see an even smaller increase soon. The next obvious target is $ 27,500, which, if broken, would pave the way for a major $ 35,500 swing.

If the low fluctuation is broken, it may lead to a much lower decline at the end of the month. However, if BTC / USD can reach its lowest level above, a medium-term uptrend will occur soon.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because we saw a decline in the correction trend and the highest in the second half of the week. BTC / USD is likely to go even lower soon, continuing to its current low of $ 25,500 over the weekend.

While you wait for more bitcoin to move, check out our articles on how to buy BTT, Elongate and CRO coins.