Bitcoin price analysis is bearish today as we have seen a strong push higher lead to rejection for further upside at $31,750. Therefore, BTC/USD is ready to reverse and drop back below $31,000 later today.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.92 percent, while Ethereum by 3.29 percent. Meanwhile, Cardano, Solana, and Avalanche are the top performers from the major altcoins.
Bitcoin price movement in the last 24 hours: Bitcoin sets a strong lower high
BTC/USD traded in a range of $29,842.18 to $31,693.29, indicating strong volatility over the last 24 hours. Trading volume has spiked by 91.75 percent, totaling $29.97 billion, while the total market cap trades around $596.15 billion, resulting in a dominance of 46.75 percent.
BTC/USD 4-hour chart: BTC prepares to drop?
On the 4-hour chart, we can see rejection for further upside as bulls are exhausted once again, leading Bitcoin price back below the $31,000 mark over the next 24 hours.
Bitcoin price action has seen a strong higher low set over the last week. After a retest of the $29,500 support, BTC/USD began to slowly trade higher over the weekend, retesting the $30,000 with low momentum.
However, a quick break higher followed overnight, quickly leading above $31,000 next major resistance. Momentum slowed down over the middle of the day while further upside got tested.
Over the past hours, Bitcoin has seen a slight reaction higher as soon as the $31,750 mark was reached. Therefore, we expect the next 4-hour candle to close bearish, indicating that a lot more downside can be expected overnight and throughout the next days.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as we have seen a strong rally end with clear resistance around $31,750. Therefore, we assume BTC/USD is ready to reverse and head back towards the previous low, likely to set another higher local low.