- 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.
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.
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.
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