A definite lower high was made around the $33,000 former support became resistance, indicating bearish market action later today, according to Bitcoin price analysis. As a result, we can expect BTC/USD to fall lower later today, with the next support level being around $31,000.
Bitcoin price movement during the previous 24 hours: Bitcoin reaches a new low.
BTC/USD fluctuated between $31,837 and $33,159, showing moderate volatility. The entire trading volume has reduced by 9.4% to $19.7 billion. The overall market value is roughly $598.7 billion, giving it a 45.7 percent market share.
BTC/USD 4-hour chart: Is BTC on its way to $31,000?
The Bitcoin price is fast slipping away from the $33,000 barrier on the 4-hour chart, as bears target the $31,000 support.
After setting a new medium-term high at $36,500, bitcoin‘s price has been trading with solid downward momentum in recent weeks. This came following a test of the $29,000-$30,000 support at the end of June, signaling that the market is still looking to reverse the market’s multi-month bearish trend.
For most of this month, BTC/USD moved in a tighter range, forming a symmetrical triangle pattern. BTC, however, broke down on July 13th after another move below to retest the ascending support trendline.
Then came another distinct lower low, this time around $31,700.
BTC/USD rebounded from there Wednesday, setting a clear lower high around $33,000 overnight. Unfortunately, the Bitcoin price has started to fall again in recent hours, and the previous bottom is currently being tested. This market activity points to a lot more negative for BTC/USD later today, with the $31,000 support level being the next target.
Conclusion of the Bitcoin Price Analysis
Bitcoin price analysis for the rest of the day is negative, as a significant push lower has been seen in recent hours following establishing a clear lower high overnight. As a result, we predict BTC/USD to push towards the next support level, which is around $31,000.