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  • Bitcoin Price Analysis: Bitcoin is reduced by 5%, further downward input?

Bitcoin Price Analysis: Bitcoin is reduced by 5%, further downward input?

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  Bitcoin

Bitcoin price analysis is declining today as we saw the $ 32,500 resistance axis sell. Bitcoin / US Dollar has already broken the $ 31,000 mark, which will lead to further declines in the next 24 hours.

Bitcoin Price Analysis: Bitcoin is reduced by 5%, further downward input?  1
Thermal map of digital currencies Source: Coin360

The market has been declining in the last 24 hours. Leading Bitcoin lost 5.62 percent, while Atrium lost more than 5.6 percent. The rest of the top altcoins are followed by more losses.

Bitcoin price movement in the last 24 hours: Bitcoin ends the stabilization with a lower jump

BTC / USD traded in the range of 30,376.32 to 32,176.48 $, which shows strong fluctuations in the last 24 hours. Trading volume fell 13.03 percent to $ 33.35 billion, while the total market value was around $ 579.6 billion, leading to a dominance of 46.1 percent.

4-hour chart BTC / USD: BTC tests $ 30,000

In the 4-hour chart, we can still see strong selling pressure, which indicates that BTC / USD will decline further by the end of the day.

Bitcoin Price Analysis: Bitcoin is reduced by 5%, further downward input?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action at the end of last week witnessed a fake failure of the previous merger area. After a brief test of $ 28,000, the BTC / USD declined and started to move higher.

On Monday, BTC saw strong pressure on the main resistance of $ 31,000. After a period of stabilization, it fell to the highest level, which led to the highest price of $ 32,500, which indicates that the market is increasingly bullish.

Yesterday, the uptrend was more clearly rejected and caused the price of bitcoin to start reversing. The price cut actually followed earlier today and quickly fell below $ 31,000. Overall, given the price action seen in the past few hours, Bitcoin should return to its original support of $ 29,000 in the coming days.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is down today because the market has started to decline rapidly since morning. Therefore, we expect the $ 30,000 limit to be broken in the future and the BTC / USD to fall even further by the end of the week.

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