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Bitcoin Price Analysis: Bitcoin still respects $ 29,500.

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  Bitcoin

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.

Bitcoin Price Analysis: Bitcoin still respects $ 29,500.  1
Thermal map of digital currencies. Source: Coin360

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 Analysis: Bitcoin still respects $ 29,500.
4-hour chart BTC / USD. Source: TradingView

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.