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.
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.
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.