in

Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?

Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?


TL;DR Breakdown

  • BTC continued moving higher yesterday.
  • Further upside rejected in the morning.
  • Bitcoin prepares for another push lower.

Bitcoin price analysis indicates bearish price action momentum to follow over the next 24 hours as bulls have exhausted their momentum. Therefore, we expect BTC/USD to start trending lower again and try to retest the $29,500 support again.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 1.2 percent, while Ethereum almost 4 percent. Rest of the top altcoins trade with a similar slight increase.

Bitcoin price movement in the last 24 hours: Bitcoin approached $33,000 resistance

BTC/USD traded in a range of $31,993.38 – $32,854.61, indicating mild volatility over the last 24 hours. Trading volume has decreased by 22.48 percent and totals $19.5 billion. Meanwhile, the total market capitalization trades around $608.8 billion, resulting in market dominance of 45.7 percent.

BTC/USD 4-hour chart: BTC set for another decline?

On the 4-hour chart, we can see the Bitcoin price rejecting further upside over the last 24 hours as bears prepare for another wave to the downside.

Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has continued to decline along the several-week descending resistance trendline. This is a result of a failure to reach further highs at the end of June when a swing high was established at around $36,500. From the $36,500 high, BTC/USD failed to move any higher and set several lower highs, forming the descending resistance trendline. 

Earlier this week, Bitcoin saw a quick spike towards the previous major support area around $29,500. From there, BTC/USD reversed on the 20th of July and quickly rallied back towards the resistance trendline

Resistance was finally found below the $33,000 resistance, indicating that we can expect another push lower over the weekend. Therefore, BTC/USD is expected to move back towards the $29,500 support next and continue trading in an increasingly tighter range, forming a descending triangle pattern.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as resistance around $33,000 prevents further upside and the market has started to move sideways. Therefore, we expect BTC/USD to start pushing lower over the weekend and try to test the $29,500 previous support again. 

While waiting for Bitcoin to decline further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you 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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Wyre Partners with Polygon for Streamlined DeFi

Wyre Partners with Polygon for Streamlined DeFi

Crypto trading coming to Interactive Brokers at the end of the summer

Crypto trading coming to Interactive Brokers at the end of the summer