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Bitcoin Price Analysis: Bitcoin rejects $ 29,000 price reduction, is another increase on the way?

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  Bitcoin

Bitcoin price analysis is bullish today as we saw the price drop to $ 29,000 which was met with strong support and rejection for further decline. Thus, the Bitcoin / US dollar will rise further in the coming days, possibly above the $ 31,000 resistance.

Bitcoin Price Analysis: Bitcoin rejects $ 29,000 price reduction, is another increase on the way?  1
Thermal map of digital currencies Source: Coin360

The market has seen a downward movement in the last 24 hours. Bitcoin, Vanguard, lost 3.22 percent and Atrium 5.05 percent. Meanwhile, the rest of the top altcoins have seen further declines.

Bitcoin price movement in the last 24 hours: Bitcoin could not break $ 29,000

BTC / USD traded in the range of $ 28786.59 to $ 30259.06, which shows the average amount of fluctuations in the last 24 hours. Trading volume increased by 14.19% to a total of $ 29.47 billion, while total traders had a market value of about $ 558 billion, which led to a market dominance of 44.55%.

4-hour chart BTC / USD: Is BTC ready to reverse?

In the 4-hour chart, we can see a rapid jump below $ 29,000, which was met with a higher response, indicating that further bullish tests will follow in the next 24 hours.

Bitcoin Price Analysis: Bitcoin rejects $ 29,000 price reduction, is another increase on the way?
4-hour chart BTC / USD. Source: TradingView

For more than a week, the price of Bitcoin has been trading sideways, and the $ 31,000 mark has been a strong resistance. Meanwhile, strong support is set at $ 29,000, indicating a clear integration zone that must be broken before expecting further market development.

In addition, the previous highest level was at the same level, which mostly indicates a lack of decision-making in the market. Therefore, the current $ 29,000 test is likely to lead to another retest of resistance.

In general, this means that we should see an upward trend in the next 24 hours. However, if a higher breakout is not possible, the BTC / USD is likely to stabilize further for the rest of the week.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as we once again saw the reaction of the main support of $ 29,000. Bitcoin / US dollar should jump from there later today and return to the resistance of $ 31,000.

While you wait for more bitcoin to move, check out our articles on how to buy BTT, Elongate and CRO coins.