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Bitcoin price analysis: Bitcoin moves to $35,000 overnight, a steady reversal today?

Bitcoin Price analysis

TL;DR Breakdown

  • BTC moved higher yesterday
  • $35,000 resistance prevented Bitcoin from further upside.
  • Market likely to retrace further today.

Bitcoin price analysis is bearish for the upcoming hours as we saw rejection for further upside around the $35,000 mark. Therefore, we can expect BTC/USD to reverse over the next 24 hours and attempt to set a higher low.

Bitcoin price analysis: Bitcoin moves to $35,000 overnight, a steady reversal today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has gained 1.84 percent, while Ethereum lost 1.2 percent. Dogecoin (DOGE) has increased by 9 percent and is among the best performers today.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,197 – $35,487, indicating strong volatility over the last 24 hours. Trading volume has not changed by much and totals $33.6 billion. The total market cap trades around $633.5 billion, resulting in market dominance of 46.83 percent.

BTC/USD 4-hour chart – BTC retraces from $35,000

On the 4-hour chart, we can see the Bitcoin price retracing over the past hours after rebounding from the $35,000 resistance.

Bitcoin price analysis: Bitcoin rapidly moves to $35,000 overnight, a reversal today?
BTC/USD 4-hour chart. Source: TradingView

The overall Bitcoin price action structure is still bearish as we saw a lower low set below the $31,000 support earlier this week. This was a result of a more than week-long retracement from the previous high of $41,000. 

After a higher high was initially set around the $41,000 price level, Bitcoin started to retrace and established support at $35,000 on the 20th of June. However, further downside followed, and a new lower low was set.

This price action development leads to thinking that BTC/USD is not yet ready for a substantial move to the upside. Therefore, we can expect the market to attempt another move lower over the remainder of this month.

Currently, we can see BTC/USD retracing from the $35,000 mark. If the previous local low of around $32,000 is not broken, we can expect Bitcoin to start trending higher again. The next resistance is seen at the $37,500 mark. From there, BTC will likely move lower again and try to retest the $31,000 mark.

Alternatively, we could see a break higher once the current retracement ends and the market moves to the $37,500 resistance. In this scenario, the next resistance area is seen around $40,000-$42,000. If it breaks, Bitcoin price could see a lot more upside over the following weeks.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish as the market starts to retrace from the $35,000 resistance. This should lead BTC/USD towards further downside over the next 24 hours unless the $35,000 mark gets broken clearly. 

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