Bitcoin price analysis is declining today as we saw another slow test from the previous high of $ 21,500. As a higher failure did not follow, we expect the Bitcoin / US Dollar to reverse and look for a re-testing of the downtrend over the weekend. However, if another low is set, a pressure above $ 21,500 will soon follow.
The market has been trading in red for the past 24 hours. Bitcoin, the leader, lost 0.48% and Atrium more than 0.8%. The rest of the top altcoins are closely followed and only some of them have recorded small profits.
Bitcoin price movement in the last 24 hours: Bitcoin could not reach its highest level
BTC / USD traded between $ 20847.35 to $ 21520.91, indicating slight fluctuations in the past 24 hours. Trading volume fell 19.23 percent to $ 22.19 billion, while the total market value was about $ 404.19 billion, leading to a market dominance of 42.67 percent.
Bitcoin / US Dollar 4-Hour Chart: Does Bitcoin Look to Try Again?
In the 4-hour chart, we can see a clear respect for the $ 21,500 resistance, which is likely to lead to another decline over the weekend. However, until another local low is set, next week is expected to be more bullish.
Bitcoin price movements over the past few days have shown signs of return. After the last significant lower jump at the end of last week, BTC / USD reached its current low of $ 18,000.
From there, a strong recovery after $ 21,500 recorded another high. However, recovery was slow, and the subsequent pressure drop did not reach more than $ 20,000. Therefore, the first sign of return was identified, which indicates that we will see more ascents next week.
Bitcoin has steadily returned from the $ 20,000 mark to its previous high of $ 21,500, indicating a lack of market decision. Since the highest level has not been reached in the last 24 hours and local cohesion has taken shape, we expect another test from the previous lowest level to be followed at the end of the week.
If Bitcoin moves below $ 20,000, there will be more uptrend next week, with the next major target at $ 23,000, as it previously stood as a resistance level. Once this goal is reached, re-tracking and retesting the $ 21,500 mark as support will be in line with further mid-term trend changes.
On the other hand, if the $ 20,000 price is not maintained, another wave is expected to decline early next week. Bitcoin / US dollar is likely to seek a re-testing of the $ 28,000 annual low and reverse. If this level is broken, the current multi-week downtrend should continue in July.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish today as we saw another re-test of the previous high of $ 21,500. Therefore, if there is no clear and higher interruption later today, we expect another local wave to decrease in the next 24 hours. If the lower local level is set higher, BTC / USD will probably break from the previous high local level early next week because the overall market structure seems to be in the reverse phase of the medium-term trend.
As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.