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Bitcoin price analysis: Bitcoin spikes to $33,000, retracement higher later today?

Bitcoin price analysis

TL;DR Breakdown

  • BTC moved lower over the last 24 hours.
  • Support around $35,000 broken.
  • Some support found at the $33,000 mark

Bitcoin price analysis is bullish for the next hours as the market spiked lower over the past hours until support was found at the $33,000 mark. Therefore, we expect BTC/USD to retrace higher over the next hours and retest the previous support around $35,000 as a resistance.

Bitcoin price analysis: Bitcoin spikes to $33,000, retracement higher later today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours as bears have taken over the momentum over the past hours. Bitcoin is down by 5.2 percent, while Ethereum 6.6 percent. Ripple (XRP) and Dogecoin (DOGE) are among the best performers.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,432 – $36,359m indicating a moderate amount of volatility. Trading volume has decreased by 6.7 percent and totals $33.6 billion. Meanwhile, the total market cap stands at $540 billion, resulting in market dominance of 45 percent.

BTC/USD 4-hour chart – BTC spikes lower

On the 4-hour chart, we can see the Bitcoin price action breaking below the $35,000 mark and reaching $33,000.

Bitcoin price analysis: Bitcoin spikes to $33,000, retracement higher later today?
BTC/USD 4-hour chart. Source: TradingVie

The overall market trades neutral over the past weeks after bears too the BTC/USD price from the $65,000 all-time-high to the $31,000 low. From there, the market consolidated in an increasingly tighter range during the end of May as well as the beginning of June.

On the 7th of June, BTC/USD spiked lower to test the $31,000 mark, after which a strong rally higher followed. Another spike higher was seen a couple of days later to the $41,000 mark. From there, the Bitcoin price started to retrace once again and moved to the $35,000 support over several days.

The $35,000 support held Bitcoin from further downside for 24 hours, however, a spike lower was seen over the past hours. This has led BTC/USD to the $33,000 support, where some rejection for further downside is seen as of now.

Therefore, we can expect BTC to retrace over the next hours and retest the $35,000 mark. Once that is done, we can expect further downside as the overall price action sentiment is bearish.

Alternatively, if BTC/USD moves back above the $35,000 mark, we can expect the next resistance to be found around the $37,500 mark. Where Bitcoin will head next from there is still too early to tell. Therefore, the best option right now is to wait for further Bitcoin price action development.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the market continued to retrace over the last 24 hours and breached the $35,000 support. This has led BTC/USD to the $33,000 mark, and we can expect a slight retracement as the market wants to retest the previous support of $35,000 as a resistance.

While waiting for Bitcoin to retest the $35,000 mark, 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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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