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Bitcoin price analysis: Bitcoin approaches $31,000 again, ready for further downside tomorrow?

Bitcoin Price analysis

TL;DR Breakdown

  • BTC moved lower yesterday.
  • Market consolidates above $31,000 overnight.
  • Next support target at $29,000

Bitcoin price analysis is bearish for the next 24 hours as bears took the market lower yesterday after a retest of $35,000 resistance. Therefore, we expect BTC/USD to push towards the next support at $29,000 overnight, and potentially reach further lows from there.

Bitcoin price analysis: Bitcoin approaches $31,000 again, ready for further downside tomorrow? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has lost 2.7 percent, while Ethereum 3.5 percent. The rest of the market trades with a slight loss, with Polkadot (DOT) being among the worst performers as it has lost 6.26 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $30,184 – $32,637, indicating slight volatility over the past 24 hours. Trading volume has increased by 9.65 percent and totals $41 billion. The total market cap trades around $580 billion, resulting in market dominance of 46.4 percent.

BTC/USD 4-hour chart – BTC attempts to break $31,000 support again

On the 4-hour chart, we can see the Bitcoin price action still respecting the $31,000 support after a strong push lower over the last 24 hours.

Bitcoin price analysis: Bitcoin approaches $31,000 again, ready for further downside tomorrow?
BTC/USD 4-hour chart. Source: TradingView

The overall Bitcoin price action structure is still slightly bearish over the past weeks as a further higher high was not set after the move to the $41,000 mark on the 14th of June. From the $41,000 local high, BTC/USD retraced 30 percent of the $29,000 low.

Over the past few days, this price action development resulted in a slight retracement to the $35,000 mark, which previously acted as a powerful support. From there, BTC/USD started moving lower yesterday and closed very bearish, indicating that we will see further downside over the next 24 hours.

So far, Bitcoin price has moved even lower, with the $31,000 support preventing further downside for now. However, considering the overall price action development, we can expect BTC/USD to break through the $31,000 support over the next hours and reach the next support at $29,000.

Once the $29,000 mark is reached, the next support is located at $27,500, and if reached over the following days, the overall several-week market structure has turned even more bearish, and we can expect a lot more downside from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish as the market has set a strong move to the downside after retesting the $35,000 resistance. This should lead towards further downside below the $31,000 support overnight, with the following support located around the $29,000 mark.

While waiting for Bitcoin to break past the $31,000 support, 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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