Bitcoin price analysis is bullish today, as we saw a higher reaction than the $ 21,000 support and the $ 22,500 merger. So, BTC / USD is ready to track again and finally start tracking the huge losses seen last week. Therefore, we expect the Bitcoin / US Dollar to test the previous major fluctuation at $ 25,500 as resistance in the coming days as the first higher target.
The market has slowed down in the last 24 hours. Leading Bitcoin lost 4.67%, while Atrium fell 1.37% as mergers began. Meanwhile, Solana (SOL), Cardano (ADA), Polkadot (DOT) and Chainlink (LINK) increased their best performance by more than 5%.
Bitcoin price movement in the last 24 hours: Bitcoin started to stabilize around $ 22,500
BTC / USD traded in the range of 20,950.82 to $ 24,093.65, which shows significant fluctuations in the previous day despite the merger this morning. Trading volume fell 8.92% to a total of $ 62.75 billion, while the total market value was trading at about $ 431.5 billion, leading to a dominance of 45.15%.
4-Hour Bitcoin / Dollar Chart: Is Bitcoin Ready to Return?
In the 4-hour chart, we can see the reverse formation slowly, because the downward motion can not sustain further descending experiments. This will probably cause the bitcoin price to start correcting later this week.
The price of Bitcoin has dropped by about 33% since the last domestic price of $ 31,500 in recent days. Bitcoin / Dollar continued to decline yesterday after initial support of $ 27,250 on Saturday.
Eventually, the previous low of $ 25,500 broke quite sharply, opening the door for further declines. Bitcoin closed the day with a big loss, while overnight it fell further.
Eventually $ 21,000 support emerged and sent the market to $ 23,000 for a quick response. From there, the merger started at around $ 22,500, indicating that a significant reversal could be pursued soon.
Therefore, once the reforms begin, we expect a strong recovery by the end of the week. The low support of the previous swing is probably being tested as resistance as the first higher target. However, given the sharpness of the decline observed in recent days, a deeper tracing can easily be pursued.
In general, the price of bitcoin will probably not fall further due to the boredom of sellers. We expect a strong swing to the lowest level by the end of June, which will potentially lead to another attempt to break lower.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today as the market has found another strong support at $ 21,000, indicating a rapid increase in overnight response. The merger has since been followed by around $ 22,500, which is likely to lead to a resumption of BTC / USD in the coming days. When we see the first push upwards, we can expect a rapid move to the $ 25,500 mark.
While you wait for more bitcoin to move, see our long-term bitcoin price forecast for 2022-2030.