- BTC moved lower overnight.
- Support around $29,500 reached.
- BTC/USD likely to reverse today.
Bitcoin price analysis indicates bullish momentum to be seen over the next 24 hours as $29,500 support was reached over the last hours, and further downside is rejected as of now. Therefore, we expect BTC/USD to regain some of the loss seen over the last 24 hours and look to retest the previous support of around $31,000 as a resistance.
The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin has declined by 3.2 percent, while Ethereum 3.1 percent. Cardano (ADA) is among the worst performers, with a loss of around 7.4 percent.
Bitcoin price movement in the last 24 hours: Bitcoin finally breaks $31,000 support
BTC/USD traded in a range of $29,362.26 – $31,364.08, indicating strong volatility for the market. 24-hour trading volume has increased by 35.4 percent and totals $24.3 billion. Meanwhile, the total market cap has lost 5 percent and totals $557.14 billion, resulting in a market dominance of 46.6 percent.
BTC/USD 4-hour chart: BTC finally reaches $29,500
On the 4-hour chart, we can see the Bitcoin price quickly spiking to $29,500 major support area over the past hours and rejecting further downside.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price action trades within a strong decline over the last weeks. This was a result of a rapid decline at the end of June when BTC/USD made a strong push lower below the $29,000 mark and retraced to the $36,500 over the following weeks.
However, bulls could not sustain momentum, and a clear lower low was set on the 4th of July around $36,000 resistance. From there, BTC/USD moved lower with several lower highs set over the past weeks.
Last week strong support was found around $31,000, where the market consolidated for several days. A brief spike to the $32,500 mark was set, and a rapid decline started from there at the end of the weekend.
Yesterday, BTC/USD declined further, breaking past the $31,000 support and reaching the next major support area around $29,500 earlier today. Bitcoin price rejected further downside, and we can expect BTC to rally over the next 24 hours back towards the $31,000 resistance, which previously acted as a support.
Once the $31,000 resistance is retested, we will likely see another strong push to the downside as bears likely want to finally break the major support area around $29,000-$30,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates reversal to follow later today as the market has reached a major support area of around $29,500 over the last 24 hours and further downside is rejected as of now. Therefore, we expect BTC/USD to regain some of the loss seen over the last 24 hours and retest the $31,000 support as a resistance.
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