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Bitcoin Price Analysis: Bitcoin Supports $ 29,000 Again, Another Upward Pressure?

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis is bullish today, as we saw another test of $ 29,000 support become integrated. Therefore, BTC / USD is slowly returning to the uptrend and is looking to create a higher local in the future.

Bitcoin Price Analysis: Bitcoin Supports $ 29,000 Again, Another Upward Pressure?  3
Thermal map of digital currencies Source: Coin360

The market has been trading in green for the last 24 hours. Bitcoin, Vanguard, grew 2.11 percent and Atrium 2.42 percent. Meanwhile, Baines Quinn (BNB), Cardano (ADA) and Avalanche (AVAX) have the best performances of the day, among others.

Bitcoin price movement in the last 24 hours: Bitcoin has stabilized above $ 29,000

BTC / USD traded in the range of $ 28793.61 to $ 29588.87, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 32.43 percent to $ 20.66 billion, while the total market value was about $ 562.5 billion, leading to a 44.5 percent dominance.

4-Hour Bitcoin / US Dollar Chart: Does Bitcoin Look Back?

In the 4-hour chart, we can see that the uptrend is slowly conquering again, as the $ 29,000 price has provided strong support.

Bitcoin Price Analysis: Bitcoin Supports $ 29,000 Again, Another Upward Pressure?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price movements over the past week have seen a slight stabilization as further correction was impossible. The resistance was initially $ 31,000 and has been tested several times since.

In addition, support was found at $ 29,000 and retested, meaning an aggregation range has been formed. This means that the mid-term direction of the market is unclear until there is a clear failure on both sides.

However, given that the current $ 29,000 support has just been re-tested, we should see another increase in the next 24 hours. The move in which the price of bitcoin can rise should determine whether a higher failure occurs.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish because we have seen continued to decline and stabilize above $ 29,000 support. Therefore, BTC / USD is ready to put more pressure and create potentially the highest place.

While you wait for more bitcoin to move, check out our articles on how to buy BTT, Elongate and CRO coins.