- BTC traded sideways overnight.
- Further upside is still rejected.
- BTC likely to retrace to $37,000
Bitcoin price analysis is bearish for today as further upside was rejected overnight and the market moved sideways to prepare a base from which to push lower overnight. Therefore, we expect BTC/USD to retrace over the next 24 hours and set another higher low around $37,000.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $39,072 – $40,978, indicating a moderate amount of volatility. Trading volume has increased by 7.46 percent and totals $46 billion. Meanwhile, the total market cap trades around $749 billion, resulting in a market dominance of 43 percent.
BTC/USD 4-hour chart – BTC prepares to retrace
On the 4-hour chart, we can see the Bitcoin price action failing to move higher overnight and establishing a reversal point from which to retrace later this week.
The overall market structure has turned slightly bullish overnight after several weeks of sideways movement. Therefore, we can see that Bitcoin starts to reverse from the severe retracement seen in May, which resulted in a loss of over 50 percent overall.
Last week, the Bitcoin price action established a low at $31,000, which indicated that bears have regained momentum. However, after a lower high was set around the $38,000 mark, BTC/USD retested $35,000 support and spiked higher once again.
Bitcoin quickly reached the $40,000 mark, indicating to traders that BTC/USD looks to turn bullish again. However, both a higher high and a lower low were set over the past week, meaning that the trend direction is unclear.
If BTC/USD retraces to $37,000 mark and sets another local swing higher low, we can expect another movie higher later this week. The $42,000 mark would now serve as a resistance, meaning that once it is broken, the overall Bitcoin price action would turn even more bullish.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish as the market could not move any higher overnight. Therefore, we expect BTC/USD to retrace towards the $37,000 mark over the next few days and establish a higher low, from which to push higher later this week.
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.