Bitcoin price analysis is bearish today as we saw a sharp rise leading to a reversal to further climb to $ 31,750. Therefore, BTC / USD is ready to reverse later today and return below $ 31,000.
The market has been trading in green for the last 24 hours. Bitcoin, Vanguard, grew 4.92% and Atrium 3.29%. Meanwhile, Cardano, Solana, and Avalanche are the best performances of the original Altcoins.
Bitcoin price movement in the last 24 hours: Bitcoin creates a strong top-bottom
BTC / USD traded in the range of $ 29842.18 to $ 31693.29, which shows strong fluctuations in the past 24 hours. Trading volume increased by 91.75% to $ 29.97 billion, while the total market value was about $ 596.15 billion, which led to a dominance of 46.75%.
4-hour chart BTC / USD: Is BTC ready to fall?
In the 4-hour chart, we can see the reversal to climb further, because the cows are tired once again and we will bring the price of bitcoin back below the $ 31,000 level in the next 24 hours.
The price of bitcoin has seen a sharp drop in the price of bitcoin over the past week. After re-testing the $ 29,500 support, Bitcoin / USD slowly started trading higher over the weekend, retesting at $ 30,000 with a slow move.
However, a higher rapid defeat followed overnight, which quickly reached above $ 31,000 of the next major resistance. Momentum decreased in the middle of the day while upward movement was further tested.
Over the past few hours, bitcoin has risen slightly as soon as it reached the $ 31,750 mark. Therefore, we expect the next 4-hour bearish candle to close, which indicates that we can expect a much greater bearish overnight and in the coming days.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish today as we saw the end of a strong rally with clear resistance around $ 31,750. Therefore, we assume that the Bitcoin / US dollar is ready to return to its previous low, which is likely to set a higher local low.
While we wait for more bitcoin to move, check out our price forecasts at WEYU, MANA and BAX.