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Bitcoin price analysis: BTC retraces to $18,800 previous low, break lower next?

Bitcoin Price analysis 2022 07 02
TL;DR Breakdown
  • Bitcoin price analysis is bearish today.
  • BTC/USD continued to slowly decline overnight.
  • Closest support at $18,800.

Bitcoin price analysis is bearish today as we have seen strong rejection for further upside yesterday and a steady decline towards the previous low. Therefore, if the momentum continues, we expect BTC/USD to break even lower and look to target the $18,000 previous swing low.

Bitcoin price analysis: BTC retraces to $18,800 previous low, break lower next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours as slight bearish momentum returned across the board. The leader, Bitcoin, declined by 1.17 percent, while Ethereum lost over 0.89. The rest of the top altcoins have followed close by.

Bitcoin price movement in the last 24 hours: Bitcoin fails to recover, continues lower

BTC/USD traded in a range of $19,027.08 to $19,590.12, indicating mild volatility over the last 24 hours. Trading volume has declined by 39.14 percent, totaling $19.4 billion, while the total market cap trades around $367.7 billion, resulting in a market cap of $42.23 percent.

BTC/USD 4-hour chart: BTC ready to continue lower?

On the 4-hour chart, Bitcoin price action has continued to push lower over the past 24 hours, indicating that recovery will likely not follow. Therefore, BTC/USD should drop even further and look to move past the $18,800 support.

Bitcoin price analysis: BTC retraces to previous low, break lower next?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen a steady reversal from the $21,500 previous resistance earlier this week. The decline began at the beginning of the week and slowly pushed BTC/USD to retrace most of the previous gains.

Support was eventually found at $18,800, with a strong reaction higher following immediately. However, after a spike to the $20,850 mark, BTC/USD quickly showed rejection for further upside.

Later yesterday, BTC declined back to its previous low, before beginning to consolidate. Likely further upside will not be reached later today, sending Bitcoin back to test further downside below the $18,800 current low.

Once the support is broken, we expect further decline to follow towards the $18,000 support. In case this level is broken next week, Bitcoin price action should see a lot more downside later in July.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a strong decline over the past days and quick rejection for recovery early yesterday. Likely BTC/USD will continue to decline later in the weekend and look to reach the $18,000 support next week.

While waiting for Bitcoin to move further, see our Price Prediction on UNUS SED LEO, BITO, and Klaytn.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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