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Bitcoin price analysis: BTC retests $35,000 resistance, prepares to break lower again?

TL;DR Breakdown

  • BTC moved higher overnight.
  • Resistance around $35,000 retested again.
  • Next target around $31.000,

Bitcoin price analysis is bearish for today as the market tested the $35,000 resistance over the past hours, and further upside is still not seen. Therefore, we expect BTC/USD to push lower again over the following 24 hours and reach the next support of around $31,000.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours, with Bitcoin increasing by 2 percent and Ethereum around 3.5 percent. Solana (SOL) and Polkadot (DOT) are among the best performers, with a 9-10 percent gain.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,599 – $34,997, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 5 percent and totals $27 billion. Meanwhile, the total market cap trades around $651.6 billion, resulting in market dominance of 44 percent.

BTC/USD 4-hour chart – BTC prepares to move lower again?

On the 4-hour chart, we can see the Bitcoin price retesting the $35,000 resistance as the market prepares for another push lower later today.

BTC/USD 4-hour chart. Source: TradingView

The overall market trades sideways over the past weeks. After both a higher high and lower low was set in the middle of June, BTC/USD started moving sideways again with the $35,000-$36,000 resistance tested several times.

From the higher lows set over the past days, a trendline of support was established eventually, however, broken over the last 24 hours. This price action development indicates that Bitcoin price currently prepares to break down again and move to retest the previous significant swing low of around $29,000.

Alternatively, if Bitcoin can push above $36,000 resistance, we can expect a lot more upside over the next weeks and a shift in the overall momentum back to the upside. However, the best option is to wait for further price action development in either a high thigh or lower low.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bearish for the upcoming days as the market has lost its momentum again, and a lower high was established overnight. Therefore, unless the $35,000 mark holds, we can expect BTC/USD to retrace lower today and start setting lower lows again. 

While waiting for Bitcoin to move lower, read our guides on DeFi advantages, Bitcoin fees as well as what you can do 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.

This post was last modified on July 7, 2021 2:46 pm

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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