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.
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.
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.
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.
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 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.
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
TL;DR Breakdown VeChain price analysis is bullish today.VET/USD is currently trading at $0.1332.Closest resistance at… Read More
TL;DR Breakdown Tezos price analysis is bearish today.XTZ/USD is presently trading at $6.5.Next support at… Read More
TL;DR Breakdown Binance Coin price analysis is bullish today.BNB/USD slowly moved higher overnight.BNB/USD is currently… Read More
TL; DR Breakdown The online gaming industry is experiencing an evolution through blockchain-based play-to-earn games.This… Read More