- BTC rallied yesterday.
- The $33,000 previous support was retested as resistance.
- Bitcoin targets $31,000 next.
Bitcoin price analysis indicates bearish price movement later today as a clear lower high was set around the $33,000 previous support turned resistance. Therefore, we can expect BTC/USD to move lower later today and reach the next support around $31,000 next.
The cryptocurrency market trades with a slight decline over the last 24 hours. Bitcoin has declined by almost 1.8 percent, while Ethereum around 2.3 percent. Binance Coin (BNB) is among the best performers, with a gain of 2.6 percent.
Bitcoin price movement in the last 24 hours: Bitcoin sets another lower high
BTC/USD traded in a range of $31,837 – $33,159, indicating mild volatility. Trading volume has decreased by 9.4 percent and totals $19.7 billion. The total market capitalization trades around $598.7 billion, resulting in market dominance of 45.7 percent.
BTC/USD 4-hour chart: BTC targets $31,000 next?
On the 4-hour chart, we can see the Bitcoin price rapidly moving away from the $33,000 resistance as bears target the $31,000 support.
Bitcoin price action trades with a strong bearish momentum over the past weeks after a new medium-term high was set around $36,500. This followed after another test of the $29,000-$30,000 support at the end of June, indicating that the market still wants to reverse the overall several-month bearish price action.
BTC/USD traded in an increasingly tighter range for most of this month, with a symmetrical triangle pattern formed. However, after another move lower to retest the ascending support trendline, BTC broke lower on the 13th of July.
What followed was another clear lower low, around $31,700. From there, BTC/USD rallied yesterday and set a clear lower high around $33,000 overnight. Over the past hours, the Bitcoin price has started to push lower again, and the previous low is currently tested. This price action development should lead BTC/USD towards a lot more downside later today, with the $31,000 support mark targeted next.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the rest of the day as a strong push lower was seen over the past hours after a clear lower high was established overnight. Therefore, we expect BTC/USD to push towards the next support around $31,000 next.
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