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Bitcoin price analysis: Bitcoin retraces to $33,000, prepares to push higher today?

Bitcoin Price analysis

TL;DR Breakdown

  • BTC retraced yesterday.
  • Support found around $33,000.
  • Next target at $40,000

Bitcoin price analysis is bullish for today as the market has retraced over the past 24 hours as bulls prepare to push the market higher to reach the $40,000 major resistance. 

Bitcoin price analysis: Bitcoin retraces to $33,000, prepares to push higher today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has decreased by 2.76 percent, while Ethereum remains almost flat. The rest of the altcoin market trades with similar, low volatility results.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,112 – $35,197, indicating a moderate amount of volatility. Trading volume has increased by 16.12 percent and totals $38.8 billion. The total market cap stands at around $632.4 billion, resulting in a market dominance of 45.3 percent.

BTC/USD 4-hour chart – BTC attempts to set a higher low

On the 4-hour chart, we can see the Bitcoin price moving lower over the past 24 hours to establish a higher low from which to move higher later this week.

Bitcoin price analysis: Bitcoin retraces to $33,00, prepares to push higher today?
BTC/USD 4-hour chart. Source: TradingView

The overall market trades within a neutral price action movement over the past weeks with strong support around $31,000 and resistance around $38,000. Last week, we saw BTC/USD retest the $31,000 support and set a slightly higher low, indicating further upside.

This price action development resulted in Bitcoin moving higher over the past few days and set a slightly higher high around $36,500, further indicating that bulls are gaining momentum. Yesterday Bitcoin saw a slight retracement to the $33,000 mark, where a higher low could be established.

The next target to the upside is the $38,000 resistance, which, if broken, could lead to a lot more upside over the following weeks. However, we could still see further downside over the next 24 hours if the $33,000 support fails to hold. 

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as the market saw a strong retracement yesterday, and the downside was seen earlier today. Currently, Bitcoin has established a high low of around $33,000, which if holds, should lead BTC towards further upside above the $38,000 next resistance.

While waiting for Bitcoin to move higher, 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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