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Bitcoin Price Analysis: Bitcoin Rises 6%, Tests $ 31,000 Resistance

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis is declining today as we have seen a strong climb to the key resistance of $ 31,000 that has not been broken before after several attempts. Therefore, BTC / USD should reverse and move lower to determine a higher one.

Bitcoin Price Analysis: Bitcoin Rises 6%, Tests $ 31,000 Resistance
Thermal map of digital currencies. Source: Coin360

The market has been trading in green for the last 24 hours. Bitcoin, Vanguard, grew 4.64% and Atrium 6.1%. The rest of the top altcoins, meanwhile, saw similar results.

Bitcoin price movement in the last 24 hours: Bitcoin has continued to grow

BTC / USD traded in the range of $ 29,095.38 to $ 30,806.86, indicating strong fluctuations in the past 24 hours. Trading volume increased by 66.79% to $ 28.32 billion, while the total market value was about $ 583.85 billion, which led to a market dominance of 45.97%.

Bitcoin / Dollar 4-Hour Chart: Bitcoin resists $ 31,000 again

In the 4-hour chart, we can see the bitcoin price move, because the cows are tired once again.

Bitcoin Price Analysis: Bitcoin Rises 6%, Tests $ 31,000 Resistance
4-hour chart BTC / USD. Source: TradingView

The price of bitcoin fell sharply over the end of last week, breaking the main support of $ 29,000. However, a reversal for the descent was later observed, indicating that another test was needed to ascend first.

Over the weekend, BTC / USD started to move higher again and slowly reached its highest level. Bitcoin quickly gained 29,000 which led to a rapid increase late yesterday.

The price of Bitcoin found its way to the main resistance of $ 31,000, exceeding the previous local high. At present this resistance has slowed down progress. Most likely, the cows are tired again and the Bitcoin / US dollar will fall in the next 24 hours.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because we have seen a strong rise to the $ 31,000 mark, ending with a clear showing of resistance at the $ 31,000 mark. Therefore, BTC / USD should reverse and move towards another downturn in the coming days.

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