- BTC continued moving higher yesterday.
- Further upside rejected in the morning.
- Bitcoin prepares for another push lower.
Bitcoin price analysis indicates bearish price action momentum to follow over the next 24 hours as bulls have exhausted their momentum. Therefore, we expect BTC/USD to start trending lower again and try to retest the $29,500 support again.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 1.2 percent, while Ethereum almost 4 percent. Rest of the top altcoins trade with a similar slight increase.
Bitcoin price movement in the last 24 hours: Bitcoin approached $33,000 resistance
BTC/USD traded in a range of $31,993.38 – $32,854.61, indicating mild volatility over the last 24 hours. Trading volume has decreased by 22.48 percent and totals $19.5 billion. Meanwhile, the total market capitalization trades around $608.8 billion, resulting in market dominance of 45.7 percent.
BTC/USD 4-hour chart: BTC set for another decline?
On the 4-hour chart, we can see the Bitcoin price rejecting further upside over the last 24 hours as bears prepare for another wave to the downside.
Bitcoin price action has continued to decline along the several-week descending resistance trendline. This is a result of a failure to reach further highs at the end of June when a swing high was established at around $36,500. From the $36,500 high, BTC/USD failed to move any higher and set several lower highs, forming the descending resistance trendline.
Earlier this week, Bitcoin saw a quick spike towards the previous major support area around $29,500. From there, BTC/USD reversed on the 20th of July and quickly rallied back towards the resistance trendline.
Resistance was finally found below the $33,000 resistance, indicating that we can expect another push lower over the weekend. Therefore, BTC/USD is expected to move back towards the $29,500 support next and continue trading in an increasingly tighter range, forming a descending triangle pattern.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow over the next 24 hours as resistance around $33,000 prevents further upside and the market has started to move sideways. Therefore, we expect BTC/USD to start pushing lower over the weekend and try to test the $29,500 previous support again.
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