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Bitcoin price analysis: BTC reverses after a spike below $33,000 yesterday

Bitcoin Price analysis

TL;DR Breakdown

  • BTC set a lower low yesterday.
  • Previous support around $33,000 broken.
  • Bitcoin price aims to establish a higher low.

Bitcoin price analysis is bullish for today as the market regains some of the losses seen over the past few days. This price action development should lead Bitcoin towards another lower high set and a lot more downside next week.

Bitcoin price analysis: BTC reverses after a spike below $33,000 yesterday 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight bullish gain over the last 24 hours after a strong downside momentum earlier this week. Bitcoin is up by 2.3 percent, while Ethereum remains almost flat.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $32,318 – $33,602, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.9 percent and totals $26 billion. The total market cap stands at around $629.6 billion, resulting in a market dominance of 44.75 percent.

BTC/USD 4-hour chart – BTC retraces overnight loss

On the 4-hour chart, we can see the Bitcoin price retracing after setting a lower low in preparation for another push lower.

Bitcoin price analysis: BTC reversed after a spike below $33,000 yesterday
BTC/USD 4-hour chart. Source: TradingView

The overall market trades sideways over the past weeks. After both a higher high and lower low set in the middle of June, BTC/USD started slowly trending higher. 

However, after setting a swing high of around $36,500, BTC/USD failed to continue higher, established two slightly lower highs, and broke past the several-day ascending support trendline. From there, we saw a lower spike yesterday, with a lower low set around $32,000.

This Bitcoin price action development indicates that the market sentiment has shifted back to being bearish. Therefore, BTC/USD will likely set another lower high over the weekend and move towards the next support around $31,000 next week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the upcoming hours as the market established a lower low and currently moves higher to set a lower high from which to push lower again next week. 

While waiting for Bitcoin to retrace, read our guide 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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