- BTC moved higher yesterday.
- Clear higher high set overnight.
- Market set to retrace later today.
Bitcoin price analysis is bearish for the remainder of today as a clear higher high was set overnight, and the market moved lower over the past hours. Therefore, BTC/USD should see a lot more downside over the next 24 hours.
The overall market trades in the red over the past 24 hours. Bitcoin and Etherum have lost more than 5 percent, with the rest of the altcoins following this trend.
Bitcoin price movement in the last 24 hours
BTC/USD moved in a range of $34,474 – $36,542, indicating a strong amount of volatility. Trading volume has decreased by 10 percent and totals $33.2 billion. The total market capitalization stands around $648 billion, resulting in market dominance of 46 percent.
BTC/USD 4-hour chart – BTC starts to retrace again
On the 4-hour chart, we can see the Bitcoin price moving lower over the past hours, indicating further downside to follow later today.
The overall market structure trades with a slight bearish momentum over the past weeks after the market set a higher high around the $41,000 mark on the 15th of June and failed to move higher from there.
What followed was a sharp retracement over the following weeks to the $29,000 support. This price action development set the BTC/USD price action structure bearish again as a new lower low was established.
Over the past week, BTC/USD moved higher until the $35,000 mark offered some resistance. What followed was another push lower that resulted in a higher low set above the $30,000 mark.
From there, Bitcoin started to rally once again and established a slightly higher high at $37,000, indicating bulls are looking to move the market back towards the $37,500 resistance, which served as the central point for BTC/USD over the past weeks.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as the market set a higher high yesterday and currently starts to retrace to set another higher low. Once Bitcoin sets a higher low, we can expect bulls to push the market even higher over the next week.
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