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Bitcoin price analysis: BTC breaks below $33,000, set to regain some of the loss today?

Cryptopolitan


TL;DR Breakdown

  • BTC retested the $35,000 yesterday.
  • Market moved lower overnight.
  • Next support around $33,000 failed to holds.

Bitcoin price analysis is bullish today as a strong downside was seen over the last hours, and the $33,000 support was broken. Therefore, we can expect BTC/USD to move higher again and regain some of the overnight loss.

Cryptocurrency heat map. Source: Coin360

The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin has decreased by 6.5 percent, while Ethereum almost 10 percent. The rest of the market has seen a similar loss of 6-9 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $32,133 – $34,997, indicating strong volatility. Trading volume has increased by almost 2 percent and totals $28.25 billion. Meanwhile, the total market capitalization trades around 610.8 billion, resulting in market dominance of 44.33 percent.

BTC/USD 4-hour chart – BTC spikes lower again

On the 4-hour chart, we can see the Bitcoin price experiencing a sharp decline over the past hours, indicating that some of it will be regained later today.

Bitcoin price analysis: BTC breaks below $33,000, set to regain some of the loss today?
BTC/USD 4-hour chart. Source: TradingView

The overall market structure has become bearish again after the several-week ascending support trendline was broken, and a lower high was set around the $35,000 mark. This resulted from a failed move higher earlier this week as the $36,000 prevented further upside for Bitcoin.

From there, BTC/USD traded along with the several-day moving average, with a higher local sing low set. However, a sharp spike lower was seen yesterday, resulting in further downside over the past hours.

Support currently can be seen around the $32,000 mark as a minor rejection for further upside has built up. Therefore, we are likely BTC/USD to regain some of the loss over the past days and set a lower high from which to continue declining later next week, with the next major support area around $31,000.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for today as the market has retraced considerably over the last 24 hours, and a reversal to regain some of the loss can be expected later today. Therefore, we will likely see BTC/USD move back above the $33 mark and set another lower high. 

While waiting for Bitcoin to regain some of the loss, read our guides on DeFi advantages, Bitcoin fees, what you can buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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