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Bitcoin price analysis: Bitcoin establishes a higher low around $33,000, ready to push higher?

Bitcoin Price analysis

TL;DR Breakdown

  • BTC established a base above $33,000 overnight.
  • Market prepares to push higher.
  • Next target to the upside around $38,000.

Bitcoin price analysis is bullish for today as the market set a higher low over the past 24 hours and established a base from which to push higher later today. Therefore, we expect BTC/USD to start heading towards the $38,000 resistance over the weekend.

Bitcoin price analysis: Bitcoin establishes a higher low around $33,000, ready to push higher? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades with mixed results over the last 24 hours. Bitcoin saw a slight increase of 0.85 percent, while Ethereum declined by almost a percent. The rest of the crypto market trades with similarly mixed results.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $32,770 – $33,939, indicating a moderate amount of volatility. Trading volume has increased by 4.39 percent and totals $37.2 billion. Meanwhile, the total market capitalization trades around $627.9 billion, resulting in market dominance of 45.72 percent.

BTC/USD 4-hour chart – BTC prepares to push higher?

On the 4-hour chart, we can see the Bitcoin price establishing a higher low over the past hours as bulls prepare for another wave up.

Bitcoin price analysis: Bitcoin establishes a higher low around $33,000, ready to push higher?
BTC/USD 4-hour chart. Source: TradingView

The overall market structure is still bearish as a lower low was set on the 22nd of June after a strong retracement from the $41,500 previous swing high. However, this could be the last lower low before we see BTC/USD reverse in a major way and end the several-month retracement from the $65,000 all-time-high. 

The first sign of reversal was seen earlier this week as a higher local high was set around $36,500. From there, BTC/USD reversed over the past 24 hours to establish another higher low from which to move higher over the next few days.

Currently, Bitcoin price action has established support around $33,000, with further attempts to move lower not being made. This should lead BTC/USD towards further highs over the weekend as bulls want to finally break the $38,000 resistance. From there, we can expect Bitcoin bulls to target the $41,500 several-week high and push the market towards the all-time high from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the upcoming days as the market retraced after setting a higher local high and formed a base from which to move higher. Therefore, we expect BTC/USD to reverse back to the upside and attempt to reach the $38,000 major resistance next.

While waiting for Bitcoin to move higher, 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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