TL; DR failed
- Bitcoin price analysis is bullish today.
- BTC / USD changed from the support of $ 34,000 yesterday.
- The aggregation was seen overnight.
Bitcoin price analysis is bullish today as we expect to see more bullish trend today after finding the lowest price at $ 34,000. Therefore, we expect the BTC / USD to move to the previous lowest level test next week.
The market has seen a return of uptrend over the past 24 hours. Market leaders Bitcoin and Atrium are green, up 0.79% and 1.37% respectively. Meanwhile, the rest of the top altcoins are being pursued.
Bitcoin price movement in the last 24 hours: Bitcoin tested $ 34,000 again and started moving again
BTC / USD traded in the range of 34,382.13 to 36,123.75 $, which shows significant fluctuations in the last 24 hours. Trading volume fell 37.73 percent to $ 31 billion. Meanwhile, the total market value is trading at about 677.15 billion dollars, which leads to a market dominance of 41.01%.
Bitcoin / US Dollar 4-Hour Chart: Does Bitcoin Look to Track Again?
In the 4-hour chart, we can see the formation stabilize overnight, because the uptrend is slowly returning, indicating future corrections.
In mid-January, the bitcoin price trend was relatively slow but declining. After returning to $ 40,000 on January 10, the highest was set at around $ 44,000.
From there, the bears regained control. In the following days, BTC / USD fell again. A rapid increase was seen on January 20 to $ 43,500. However, significant selling pressure was observed from there, which greatly reduced bitcoin in the next 24 hours.
Initially, BTC fell further to $ 38,000 on January 21, pushing the market to its current low of $ 34,000. In total, the price of bitcoin had lost more than 20% in a few days.
Therefore, we expect the downtrend to finally end. We will probably see the Bitcoin / US dollar begin to decline early next week, with the $ 36,000 mark being the first to break on the way up.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today because we expect it to improve after being rejected for further decline yesterday. BTC / USD is likely to reach $ 34,000 and is now ready to follow this week’s losses.
While you wait for more bitcoin to move, check out our articles on Coinbase Vault vs Wallet, Cardano Price Forecasts, and Crypto Tax Loss Receipts.