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Bitcoin price analysis: Bitcoin spikes to $36,500 yesterday, slow retracement today?

Bitcoin Price analysis

TL;DR Breakdown

  • 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.

Bitcoin price analysis: Bitcoin spikes to $36,500 yesterday, slow retracement today? 1
Cryptocurrency heat map. Source: Coin360

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.

Bitcoin price analysis: Bitcoin spikes higher yesterday, retracement today?
BTC/USD 4-hour chart. Source: TradingView

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.

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