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Bitcoin Price Analysis: BTC still holds $31,000, set to break down today?

Bitcoin analysis

TL;DR Breakdown

  • BTC moved sideways overnight.
  • Support around $31,000 still holds.
  • Next target around $30,000.

Bitcoin price analysis is bearish for the next 24 hours as bears have built up momentum above the $31,000 support over the past hours. Therefore, we expect BTC/USD to move towards the $30,000 major price level next and drop another 4-5 percent.

Bitcoin Price Analysis: BTC still holds $31,000, set to break down today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with slightly bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have remained flat, with a gain of around 0-1 percent. Rest of the top altcoins trade with a worse performance of around 1-3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin still holds $31,000 support

BTC/USD traded in a range of $31,100.67 – $32,218.41, indicating mild volatility. Trading volume has decreased by almost 10 percent and totals $21.2 billion. The total market capitalization trades around $588.7 billion, resulting in market dominance of 46.36 percent.

BTC/USD 4-hour chart: BTC targets $30,000 next

On the 4-hour chart, we can see the Bitcoin price action consolidating over the last 24 hours in preparation for further downside over the weekend.

Bitcoin Price Analysis: BTC still holds $31,000, set to break down today?
BTC/USD 4-hour chart. Source: TradingView

The overall market trades with a mild bearish momentum over the past weeks after a failure to reach further highs at the end of June. BTC/USD set a clear lowe thigh around $36,000 on the 5th of July and saw a further decline since then.

A symmetrical triangle pattern was formed from the increasingly lower highs and higher lows, indicating indecision in the market. A strong break lower was seen on the 13th of July, sending signals to bears that further downside is expected.

This breakout was followed by a rally to retest the $33,000 mark and a further drop from there. BTC/USD quickly reached the $31,000 support yesterday and started consolidating around the area, indicating that bears are building pressure to push the market even lower later this weekend. The base above $31,000 should lead Bitcoin price towards another push lower, with the next target around $30,000.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish for the next 24 hours as the market continues setting lower highs and has built up a base above $31,000. Therefore, we can expect BTC/USD to break lower and reach the $30,000 support over the weekend. 

While waiting for Bitcoin to move lower, 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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