- BTC moved higher yesterday.
- Resistance around $35,000 still holds.
- Reversal to the downside expected.
Bitcoin price analysis is bearish for the upcoming 24 hours as the $35,000 mark was reached overnight and further upside was not seen. Therefore, we expect BTC/USD to reverse later today and move towards the $31,000 support again later this week.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market trades with a strong bullish momentum over the past few days. Bitcoin has increased by 4.1 percent, while Ethereum by 9 percent. The rest of altcoin follows this pattern of slight to moderate gain.
Bitcoin price movement in the last 24 hours
BTC/USD traded in a range of $32,417 – $35,219, indicating a solid amount of volatility. Trading volume has decreased by 5.27 percent and totals $34.3 billion. Market capitalization stands around $640 billion, resulting in market dominance of 46.8 billion.
BTC/USD 4-hour chart – BTC holds resistance at $35,000
On the 4-hour chart, we can see the Bitcoin price moving higher over the past few days to retest the $35,000 resistance and currently rejecting further upside.
BTC/USD 4-hour chart. Source: TradingView
Looking at the Bitcoin price action over the past weeks, we see that the market trades in a bearish price action structure. After BTC/USD established another lower low on the 22nd of June, the market quickly retested the $35,000 resistance.
From there, another attempt to move lower was seen late last week. However, bears filed to push the market below the $30,000 mark, which means a higher low has been set. Therefore, BTC/USD currently trades in an increasingly tighter range, with the $35,000 resistance serving as the mark to break if Bitcoin wants to start trending higher again.
This price action development means that we can expect Bitcoin price to trade in an increasingly tighter range later this week and build a base from which to move further. In case the $35,000 resistance breaks, BTC should find resistance at $37,500. Alternatively, in case BTC/USD moves lower, we can expect a lot more downside over the next weeks.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the upcoming 24 hours as further upside was not seen overnight, and the market continued to respect the $35,000 resistance. Therefore, we expect BTC/USD to move lower later this week to establish another higher low.
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.