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Bitcoin Price Analysis: Bitcoin Returns From $ 29,000 Does Not See Significant Growth

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  Bitcoin

Bitcoin price analysis is bullish today as we expect the current bearish retest to end with another attempt to break higher. Most likely, BTC / USD will soon gain the strength to break the main resistance of $ 31,000.

Bitcoin Price Analysis: Bitcoin returns from $ 29,000, does not see significant growth 1
Thermal map of digital currencies Source: Coin360

The market has moved with different results over the past day. While Bitcoin grew 0.73 percent, Atrium traded slightly lower in red at 0.36 percent. Meanwhile, the rest of the top altcoins traded between the two.

Bitcoin price movement in the last 24 hours: Bitcoin failed to test $ 31,000, it is testing again down.

BTC / USD traded in the range of 29159.69 to 30157.78 dollars, which shows strong fluctuations in the last 24 hours. Trading volume fell 10.29 percent to $ 26.43 billion, while the total market value was trading at about $ 561.63 billion, leading to a market dominance of 44.62 percent.

4-hour Bitcoin / Dollar Chart: Bitcoin cannot move higher

In the 4-hour chart, we can see a slight decrease once again during the past hours. However, if $ 29,000 is maintained and the local low is high, more can be expected to climb.

Bitcoin Price Analysis: Bitcoin Returns From $ 29,000 Does Not See Significant Growth
4-hour chart BTC / USD. Source: TradingView

The price of bitcoin last week saw more failures in both directions. With resistance at around $ 31,000 and support at $ 29,000, the BTC / USD has not yet shown clear signs of a move.

Yesterday, we saw a clear jump in support, which indicates that there will be more upward trend soon. However, it did not increase much as Bitcoin faced $ 30,000 resistance.

This has led to a slight retreat in the last few hours and the lowest level has been formed. If the price of Bitcoin does not fall later today, we expect another $ 31,000 test. On the other hand, if the price of $ 29,000 is broken, there may be a much bigger decline in the remaining month.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today because in the last 24 hours we have seen efforts to increase the price of bitcoin. Therefore, the current downtrend should end soon with more ascents.

As you wait for more bitcoin to move, check out our price forecasts at WINkLink, BTCZ and Tectonic.