- BTC continues to move sideways.
- Support around $31,000 still holds.
- Bears target $30,000 next.
Bitcoin price analysis indicates bearish pressure for the next 24 hours as another lower high was set yesterday, and the market returned to the $31,000 support overnight. Therefore, we expect BTC/USD to make another push to the downside later this week to try to reach the $30,000 mark next.
The crypto market trades with a slight loss over the last 24 hours. Bitcoin has declined by 0.76 percent, while Ethereum 4.26 percent. Meanwhile, Dogecoin (DOGE) and Solana (SOL) are among the worst performers, with a loss of more than 7 percent.
Bitcoin price movement in the last 24 hours: Bitcoin still trades sideways above $31,000
BTC/USD price moved in a range of $31,215.49 – $31,904.37, indicating mild volatility over the last 24 hours. Total market capitalization stands around $588.9 billion, resulting in a market dominance of 46.11 percent, while trading volume has seen a slight decline by 7.41 percent and totals 17.43 billion.
BTC/USD 4-hour chart: BTC ready to break $31,000?
On the 4-hour chart, we can see the Bitcoin price consolidating sideways over the last days as bears prepare to push to $30,000 next.
Bitcoin price structure trades with a clear bearish sentiment over the last weeks. After BTC/USD made a strong push lower in the second half of June, strong support was established at around $29,000.
From the $29,000 support, BTC/USD quickly rallied to the $35,000 mark first, and after some pause, to the $36,500 mark next, where a new several week lower high was set. What followed was a steady decline lower over the following weeks with clear lower lows set.
This has resulted in the current consolidation above the $31,000 support and below the $32,000 resistance. A quick spike higher was seen over the weekend, which set another clear lower high. Overnight Bitcoin price continued to move sideways, indicating that bears are still building up momentum to push the market lower latest his week.
This price action development should lead BTC/USD towards further downside later this week below the $31,000 support and towards the $30,000 mark next.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for the next 24 hours as the market moves away from the $32,500 local lower high and prepares for another push lower. Therefore, we expect BTC/USD to break lower over the upcoming days and reach the $30,000 support next.
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