- BTC moved lower yesterday.
- Support found at $35,000 previous low.
- Further upside likely to be seen early next week
Bitcoin price analysis is bullish for today as the market continued to retrace yesterday and found support around $35,000 overnight. Therefore, we expect BTC/USD to push higher over the next few days and try to reach above the $41,000 resistance.
The overall market trades in the red over the last 24 hours. Bitcoin is down by 1.74 percent, while Ethereum remains flat. The rest of the altcoin market saw a similar slightly bearish performance, indicating that the market builds momentum to push higher over the next few days.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $34,933 – $36,740, indicating a moderate amount of volatility. Trading volume has slightly decreased by 3.81 percent and totals $34.67 billion. Meanwhile, the total market cap stands at $675 billion, resulting in a market dominance of 44.73 percent.
BTC/USD 4-hour chart – BTC moved to $35,000 overnight
On the 4-hour chart, we can see the Bitcoin price action reaching towards $35,000 support, indicating that the market is still not ready for new highs.
The overall market trades with a neutral price action development over the past weeks after the market retraced around 50 percent from the last major swing high of $59,000 in May. From there, the market price established a trading range around $35,000 as a support and $40,000 as a resistance.
During the end of May and beginning of June, BTC/USD traded in an increasingly tighter range with both higher lows and lower highs. On the 6th of June, the volatility dropped significantly after a retest of the $35,000 mark.
On the 8th of June, BTC spiked lower and quickly pushed to the $31,000 previous major support. This could be seen as the last test to the downside before a much more serious upswing begins. After the spike lower, two strong waves higher resulted in a break above the $40,000 mark, which means that bulls are gaining strength and the overall market structure turns increasingly bullish.
Over the past days, BTC/USD retraced until the previous low of $35,000 was reached overnight. Since further downside was rejected, we can assume that the market will reverse to the upside over the next few days.
Once the current high around $41,000 breaks, we expect the next resistance at $46,000-$47,000 to be reached and the market will push towards the previous all-time high from there.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as bears pushed the market to $35,000 support and a consolidation was established around $35,000. Therefore, we expect BTC/USD to retrace some of the losses seen over the past days early next week.
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