- 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.
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.
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.
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