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Bitcoin Price Analysis: Does Bitcoin seem to be slowly reversing at $ 29,500?

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  Bitcoin

Bitcoin price analysis is bullish today as the market retreated to $ 29,500 support. Therefore, we expect a return to the uptrend and to cross the domestic high of $ 32,500 by the end of the week.

Bitcoin Price Analysis: Does Bitcoin seem to be slowly reversing at $ 29,500?  1
Thermal map of digital currencies Source: Coin360

The market has seen different results in the last 24 hours, as higher support and reaction was seen across the page. Leading bitcoin rose 0.34 percent, while Atrium rose 1.15 percent and the rest of the top altcoins performed similarly.

Bitcoin price movement in the last 24 hours: Bitcoin ends the correction, starts the bullish test again

BTC / USD traded in the range of 29501.59 to 30388.63 dollars, which shows the average fluctuations in the last 24 hours. Trading volume fell 4.34 percent to $ 33.62 billion, while the total market value remained at $ 575.34 billion, leading to a dominance of 46.2 percent.

4-Hour Bitcoin / Dollar Chart: Is Bitcoin Ready to Climb?

In the 4-hour chart, we can see the first attempts to return higher, which indicates that more climbs should be followed soon.

Bitcoin Price Analysis: Does Bitcoin Look to Reverse at $ 29,500?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price action saw a sharp rise at the end of last week. The previous key resistance at $ 31,000 was clearly broken as BTC / USD found resistance at $ 32,500.

From there, the merger followed at the beginning of the week as the market prepared for the correction. Finally, yesterday, a strong pressure was reduced, which led to a correction of more than 9%.

So far, the new support at $ 29,500 still seems to be strong. Most likely we will soon see a higher pressure, which confirms the lowest strong local level. Accordingly, we expect the price of Bitcoin to soon return above $ 31,000 and reach its peak soon.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as the market has set its lowest level at $ 29,500 and now seems to be moving higher. Therefore, we expect Bitcoin / US Dollars to reach above $ 31,000 in the next 24 hours and seek to break the highest domestic price of $ 32,500 by the end of the week.

As you wait for more bitcoin to move, check out our price forecasts at WINkLink, BTCZ and Tectonic.