Bitcoin price analysis is bullish today, as we saw another decline yesterday and a steady stabilization since then. Therefore, BTC / USD should start reversing soon and looking to move above the main resistance of $ 31000.
Although Bitcoin has fallen 0.12 percent, it has traded more in the green market in the last 24 hours. Atrium rose 0.55%, while the rest of the top altcoins were next.
Bitcoin price movement in the last 24 hours: Bitcoin has stabilized above $ 29,500
BTC / USD traded in the range of 29,375.69 to $ 29,876.26, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 20.65% to $ 23 billion, while the total market value was about $ 566.45 billion, leading to a dominance of 46.24%.
Bitcoin / US Dollar 4-Hour Chart: Is Bitcoin Ready to Rise?
In the 4-hour chart, we can see that the bulls are steadily accelerating, because no further descent can be achieved overnight.
Bitcoin price movements have seen rapid correction over the past few days. From the previous high of $ 32,250 on May 31, 2022, the BTC / USD has now fallen more than 9 percent to its lowest level of $ 29,500.
From there, Bitcoin tried to continue its uptrend in the middle of the week. However, the uptrend ended as soon as it reached $ 30,500, meaning that a strong top spot was recorded below.
The downtrend returned to the previous low of $ 29,500 shortly after returning and was tested below it for a short time. Since support was found around the same area, we can see that a dual bottom reverse pattern is set, meaning that more uptrends will follow soon.
The price of Bitcoin As a result of this price action development, the next step should start to move higher. In the coming days, we will likely see another attempt to cross the $ 31,000 mark, which will pave the way for further price increases in June.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today because we saw a break in breaking the lower levels in the last 24 hours. Therefore, the Bitcoin / US Dollar should change from the $ 29,500 level and move higher by the end of the weekend.
While we wait for more bitcoin to move, check out our price forecasts at WEYU, MANA and BAX.