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  • Bitcoin Price Analysis: Bitcoin re-tests $ 29,200 at its lowest level in the next phase, rising rapidly?

Bitcoin Price Analysis: Bitcoin re-tests $ 29,200 at its lowest level in the next phase, rising rapidly?

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis is bullish today because we have seen a rapid decline since the end of the previous support with a slightly higher reaction and stabilization. Therefore, Bitcoin / US Dollar should see a rapid return and a lower price of around $ 31,000 within the next 24 hours.

Bitcoin Price Analysis: Bitcoin re-tests $ 29,200 at its lowest level in the next phase, rising rapidly?  1
Thermal map of digital currencies Source: Coin360

The market has been trading in red for the past 24 hours as strong lower jumps are seen across the page. Bitcoin, Vanguard, lost 4.42% and Atrium 3.96%. Meanwhile, Baines Coin (BNB), Solana (SOL) and Avalanche (AVAX) have the worst performance among the main altcoins.

Bitcoin price movement in the last 24 hours: Bitcoin re-tests the previous lowest levels and seeks reduction

BTC / USD traded in the range of $ 29311.68 to $ 31545.18, which shows the average fluctuations in the last 24 hours. Trading volume fell 0.54 percent to $ 30.46 billion, while the total market value traded around $ 570.43 billion, leading to a dominance of 46.41 percent.

4-hour chart BTC / USD: BTC / USD starts to rise

In the 4-hour chart, we can see the bulls regaining their momentum in the past few hours, indicating that a new lower peak is likely to occur in the next 24 hours. The first obvious target for resistance is around $ 31,000.

Bitcoin Price Analysis: Bitcoin re-tests $ 29,200 at its lowest level in the next phase, rising rapidly?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action has fluctuated again in recent days. After several days of stabilizing above $ 29,200 at the end of last week, BTC / USD rose faster overnight than yesterday.

The stock price peaked at $ 31,750, meaning a higher clear is set lower and BTC is ready to return lower later. The further decline was actually followed quickly because overnight all previous gains were followed again.

This means that the market is increasingly trading effectively in a descending triangle pattern. Since clear support has already reversed bitcoin, we expect a higher rally overnight.

The first partial resistance is around $ 30,500, while the next target is around $ 31,000. If any of these levels keep the bitcoin price higher, we will see another lower category.

From there, BTC / USD should return to the $ 29,200 support. If it breaks at the end of the week, it can be expected to decline much more at the end of June. On the other hand, if the current high of $ 31,750 is broken, a change in market structure may occur in the coming weeks.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as we saw a rapid and benign jump with strong support at the previous low of around $ 29,200. Bitcoin / US Dollar has already started its uptrend and has returned above $ 30,000, which indicates a further increase overnight and early tomorrow.

As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.