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Bitcoin Price Analysis: BTC swiftly retraces to $33,000, higher low set?

Bitcoin Price Analysis

TL;DR Breakdown

  • BTC moved lower overnight.
  • Bitcoin found support around $33,000.
  • Market set for another rally.

Bitcoin price analysis indicates bullish momentum forming as a higher low was set overnight around $33,000, and further downside could not be reached. Therefore, we expect BTC/USD to rally higher over the next 24 hours and breach above the descending resistance trendline.

Bitcoin Price Analysis: BTC swiftly retraces to $33,000, higher low set? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a slight bearish momentum over the last 24 hours. Bitcoin has declined by 1.36 percent while Ethereum almost 4 percent. Meanwhile, THETA is among the worst performers, with a loss of around 7.3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin reached $33,000 support

BTC/USD traded in a range of $32,697 – $33,641, indicating substantial volatility over the last 24 hours. Trading volume totals $21 billion and has declined by 6.77 percent. The total market capitalization stands around $621.2 billion, resulting in market dominance of 45.62.

BTC/USD 4-hour chart: BTC set for another rally?

On the 4-hour chart, we can see the Bitcoin price action establishing a base from which to move higher later today.

Bitcoin Price Analysis: BTC retraces to $33,000, higher low set?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price trades in a symmetrical triangle pattern over the past month after a higher low was established above $30,000, and the following rally set a high around $36,500. From there, BTC/USD declined and formed a clear descending trendline of resistance.

Over the past weeks, BTC attempted to break higher. However, increasingly lower highs were set. Additionally, the swing low above $32,000 that was set on the 8th of July formed an ascending support trendline together with the previous lows set in June.

This price action development means that Bitcoin price is essentially trading in an increasingly tighter range. Breakout to either side will indicate where the market is headed over the following weeks.

However, currently, BTC/USD has established another lower high and higher low along the ascending support trendline, and we can expect another push high over the next 24 hours. From there, the trading range will become extremely tight, and we can expect a breakout to either side by the end of this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a higher low has been set overnight around the $33,000 previous support. Therefore, we can expect BTC/USD to rally higher later today and reach the several-week descending resistance trendline again.

While waiting for Bitcoin price to rally, read our articles on the advantages of DeFi, what can you buy with Bitcoin, Bitcoin fee.

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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