Bitcoin price analysis is bullish today as we expect the current retest of $29,500 support to end with a local double bottom set. BTC/USD should push higher later this week and return above $31,000.
The market has seen more downside over the last 24 hours as retracements failed across the board. The leader, Bitcoin, lost 2.48 percent, while Ethereum by 3.57 percent, while the rest of the top altcoins followed close by.
Bitcoin price movement in the last 24 hours: Bitcoin retests previous low as retracement fails
BTC/USD traded in a range of $29,534.54 to $30,633.03, indicating mild volatility over the last 24 hours. Trading volume has declined by 29.25 percent, totaling $30.5 billion, while the total market cap trades around $566.19 billion, resulting in a dominance of 46.36 percent.
BTC/USD 4-hour chart: BTC looks to recover again?
On the 4-hour chart, we can see support found around the $29,500 previous low, likely leading Bitcoin price into another rally over the next days.
Bitcoin price action has seen strong upswing over the first half of the week. From the $28,000 previous low, BTC/USD gained over 15 percent and almost reached the next major resistance at $32,500.
Since the previous major resistance was broken in a clear way, BTC clearly demonstrated strength, which could lead to more upside over the rest of June. However, right now, retracement is still in progress as another low has been found around $29,500.
If Bitcoin managed to reverse soon and continues holding the current price level, we expect push higher to soon begin. Once the $31,000 mark is broken, BTC/USD should see a lot more upside quickly. Overall, this means that the next week should also start bullish.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen a strong retest of the previous local low end with another rejection for the downside. Therefore, BTC/USD is now ready to reverse and post another strong wave higher.