- BTC continued moving higher yesterday.
- The next target was found at the $35,000 resistance.
- Market prepares to retrace.
Bitcoin price analysis indicates bearish momentum to come over the next 24 hours as further upside to the $35,000 was seen overnight and bulls have become exhausted over the last 24 hours. Therefore, we expect BTC/USD to retrace later today as retest previous support levels over the next week.
Cryptocurrency markets trade in the red over the last 24 hours as bears took over control after a massive rally yesterday. Bitcoin has declined by 0.86 percent, while Ethereum around 2.7 percent. Dogecoin (DOGE) is among the worst performers with a loss of almost 6 percent.
Bitcoin price movement in the last 24 hours: Bitcoin continued to rally higher
BTC/USD traded in a range of $33,761.60 – $34,792.74, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 11.2 percent and totals $20.65 billion. Meanwhile, the total market capitalization trades around $642 billion, resulting in market dominance of 46.28 percent.
BTC/USD 4-hour chart: BTC prepares for a reversal?
On the 4-hour chart, we can see the Bitcoin price failing to move higher over the last hours, which should lead towards a strong retracement over the next week.
Bitcoin price action has traded in a strong bearish momentum over the past weeks after a new swing high was set around $36,500. BTC/USD lost more than 20 percent until support was found around the $29,500 mark on the 20th of July.
What followed was a quick rebound from the support to the $32,000 mark. After some consolidation below the $33,000 resistance level as well as a several-week descending trendline, BTC/USD spiked higher on Friday.
Resistance was found below the $35,000 mark overnight, with any further upside rejected. This price action development indicates that bears are exhausted as of now and we can expect a several-day-long retracement next week. The first obvious support level to test is located around the $32,000 mark, with the $31,000 mark being a more conservative support level where to expect a higher low set over the next week.
Overall, BTC/USD price action has become a lot more bullish after a strong spike above the descending resistance line and previous swing high tested around $34,500.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis indicates bearish momentum to follow next week as BTC/USD has gained around 18 percent since Tuesday and further upside gets rejected as of now. Therefore, we expect BTC to start retracing and test previous support levels to set a higher low and start heading towards the previous all-time high over the following weeks.
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.