Bitcoin price analysis is declining today because we saw a rapid accumulation and testing of $ 30,000 in the past few hours, which was rejected. Therefore, BTC / USD will soon start falling again and will eventually break the $ 29,000 support.
The market has been trading in green for the last 24 hours. Leading Bitcoin rose 1.16 percent, while Atrium rose 1.25 percent. Avalanche (AVAX), meanwhile, outperformed by more than 5.5 percent.
Bitcoin price movement in the last 24 hours: Bitcoin could not rise further
BTC / USD traded in the range of $ 29275.18 to $ 30230.13, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 8.77 percent to $ 20.817 billion, while the total market traded around $ 568.57 billion, leading to a market dominance of 44.56 percent.
4-Hour Bitcoin / Dollar Chart: Is Bitcoin Ready to Fall Again?
In the 4-hour chart, we can see a decline to the $ 30,000 level, which is likely to lead to another decline in the next 24 hours.
Bitcoin has seen a steady sideways move since last week, when it withdrew from its $ 25,500 support. From there, support was created at around $ 29,000, while resistance was at $ 31,000.
This week, the Bitcoin / US dollar moved around the price area with several re-tests on both sides, indicating a lack of decision. Therefore, the next direction of the market is not yet clear until a clear downward trend is observed.
However, given that the highest value was previously set slightly lower and the current bullish test could not significantly cross the $ 30,000 mark, we can soon see the downside failure.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today because the market has not been able to reach above $ 30,000 and stay there. So, another local high has been set, and we can expect the Bitcoin / US dollar to fall even further early next week, with $ 27,500 as the next target.
While you wait for more bitcoin to move, check out our articles on how to buy BTT, Elongate and CRO coins.