Bitcoin price analysis is declining today because we expect the cows to get tired after a strong break above $ 32,500. The $ 31,000 resistance is likely to be re-tested as support before further increase later this week.
The market has been increasingly bullish in the last 24 hours. Bitcoin, Vanguard, grew by 5.04% and Atrium by 2.99%. Meanwhile, Cardano (ADA) is superior with more than 17% performance.
Bitcoin price movement in the last 24 hours: Bitcoin continues to grow
BTC / USD traded in the range of $ 30583.20 to $ 32249.86, which shows strong fluctuations in the last 24 hours. Trading volume increased by 33.66% to $ 38.4 billion, while the total market value was about $ 613.1 billion, which led to a dominance of 46.38%.
4-Hour Bitcoin / US Dollar Chart: Bitcoin faces a slight decline at $ 32,500.
In the 4-hour chart, we can see a higher uptrend, which has been tested at low acceleration over the past hours, indicating that it will be corrected soon.
The price of Bitcoin has been traded in a limited integration over the past few weeks. The $ 29,000 support was initially broken at the end of last week, indicating that further declines may follow soon.
Over the weekend, however, the cows regained control of the market. BTC / USD slowly returned to above $ 29,000 before a strong jump was seen early yesterday.
After initial resistance at the $ 31,000 mark, Bitcoin crossed the line at the end of the day and reached $ 32,400. During the night, there was a slight stabilization, followed by another attempt to move higher today.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today as the market has risen more than 15% since the last low fluctuation. Therefore, Bitcoin / US Dollar should respect the next resistance of $ 32,500 and move towards it again in the coming days.
As you wait for more bitcoin to move, check out our price forecasts at WINkLink, BTCZ and Tectonic.