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Bitcoin price analysis: BTC retests $34,000, bears ready to push to $31,000?

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TL;DR Breakdown

  • BTC still trades around $34,000.
  • Market moved sideways overnight.
  • Bears likely to take over momentum.

Bitcoin price analysis is bearish for today as a lower high was established over the last 24 hours. This should lead BTC/USD towards a lot more downside next week, with the $31,000 support targeted next.

Cryptocurrency heat map. Source: Coin360

The overall market trades with slightly bullish results. Bitcoin declined by 0.3 percent, while Ethereum is up by 0.35 percent. The rest of the altcoins follow this pattern of mostly bullish results.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,116 – $34,159, indicating a moderate amount of volatility. Trading volume has decreased by 24.77 percent and totals $20.1 billion. The total market capitalization stands at around 633 billion, resulting in a market dominance of 45.21 percent.

BTC/USD 4-hour chart – BTC prepares for another spike lower?

On the 4-hour chart, we can see the Bitcoin price action establishing a base from which to move lower next week.

Bitcoin price analysis: BTC retests $34,000, bears ready to push to $31,000?
BTC/USD 4-hour chart. Source: TradingView

The overall market trades with a strong bearish momentum over the past weeks after a higher high was set around $36,500. From the $36,500 high, the market retraced and subsequently failed to establish another higher high. 

On the 4th of July, BTC/USD established a higher low around $36,000, and started pushing lower from there, indicating that bears have taken over market momentum again. What followed was a sharp move to the $32,000 mark earlier this week and another lower high around $34,000 set yesterday.

Overnight, the Bitcoin price continued moving sideways below $34,000 and a strong base has been established as of now. BTC/USD will likely start heading lower over the next 24 hours, with the next target around $31,000.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish as the market fails to set further highs and has established a base from which to move lower again. Therefore, we expect BTC/USD to push to the $31,000 mark over the next weeks.

While waiting for Bitcoin to decline further, read our guide 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.



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