- BTC saw a quick spike higher overnight.
- BTC/USD moved lower over the past hours.
- Bitcoin targets $30,000 next.
Bitcoin price analysis is bearish for today as the market saw a quick spike above the $32,000 mark overnight and moved lower from there. Therefore, we expect BTC/USD to push towards further lows later today.
The crypto market trades with mixed results over the last 24 hours. Bitcoin has declined by almost a percent, while Ethereum has seen a small increase of around 1 percent. Meanwhile, Dogecoin is up 6 percent and is among the best performers overall.
Bitcoin price movement in the last 24 hours: Bitcoin sets another higher low
BTC/USD traded in a range of $31,215.49 – $32,399.00, indicating mild volatility over the last 24 hours. Trading volume has decreased by 8 percent and totals $18.3 billion. The total market capitalization trades around $589 billion, resulting in market dominance of 45.93 percent.
BTC/USD 4-hour chart: BTC ready to breach $31,000?
On the 4-hour chart, we can see the Bitcoin price starting to move lower again after a clear lower high set overnight.
Bitcoin price action continued to decline this week with the $31,000 support reached over the last few days. This was a result of failure to move above the $36,500 mark and a clear lower low set around $36,000 on the 4th of June.
What followed was a symmetrical trading range formed last week. The triangle consolidation was broken on the 13th of June, with further push lower after a brief retest of the $33,000 resistance.
This Bitcoin price move resulted in the $31,000 support reached and a several-day consolidation establishing another lower low. Overnight, Bitcoin price gained some momentum, and bulls broke past the $32,000 resistance. However, BTC/USD was quickly pushed back lower to the $31,000 mark.
Currently, BTC/USD has established a lower high, and bears should make further attempts to push the market towards the next support around $30,000 early next week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as a clear lower high was set overnight, and bears prepare to push BTC/USD towards the next support at $30,000.
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.