- BTC established support around $29,500 yesterday.
- Resistance around $32,000 reached.
- Market likely to pivot lower again.
Bitcoin price analysis indicates bearish momentum to follow today as a rapid move to the $32,000 was seen earlier today, and the market will likely face tough resistance ahead. Therefore, we expect BTC/USD to reject further upside and start declining again over the next 24 hours.
The overall market trades with a strong bullish momentum over the last 24 hours after lows were set overnight across the board. Bitcoin is up by 5.37 percent, while Ethereum is around 5.64 percent. Dogecoin (DOGE) is among the best performers, with a gain of 15.7 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallied back to $32,000
BTC/USD traded in a range of $29,520.47 – $31,900.83, indicating a moderate amount of volatility. Trading volume has remained almost flat and still totals almost 23 billion. Meanwhile, the total market capitalization stands at $598 billion, resulting in market dominance of 46 percent.
BTC/USD 4-hour chart: BTC prepares for a reversal?
On the 4-hour chart, we can see the Bitcoin price rapidly moving towards $32,000 resistance over the last hours as the market aims to set another lower high.
Bitcoin price action continued to decline over the past weeks and has so far lost 20 percent to the $29,500 support. This price action development was a result of a rebound from the $29,000-$30,000 support area at the end of June.
On the 29th of June, BTC/USD retraced and set another higher low, however, it failed to break new highs from there. What followed was a steady retracement with increasingly lower highs and lows set over the past weeks.
This price action development resulted in a drop to the previous major support of around $29,500. After some consolidation overnight, Bitcoin price started to rally and quickly reached the $32,000 resistance where previous support/resistance area was established.
BTC/USD is likely to set another lower high around this area and start to push lower over the next 24 hours. Therefore, we can expect BTC to finally breach the $29,500 support later this week and start its way towards the next major support, around $27,500.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow later today as BTC/USD has regained most of the loss seen over the past days and aims to establish a lower high. Therefore, BTC/USD will likely decline further over the rest of the week and try to breach the previous major low of around $29,500 next.
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