Bitcoin Price Analysis: BTC spikes above $32,000, further lows from there?

Bitcoin Price analysis

TL;DR Breakdown

  • 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.

Bitcoin Price Analysis: BTC spikes above $32,000, further lows from there? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: BTC spikes above $32,000, further lows from there?
BTC/USD 4-hour chart. Source: TradingView

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.  

While waiting for Bitcoin to drop further, read our guides 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 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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