Bitcoin price analysis: Bitcoin starts to slowly edge higher after a spike below $30,000
This week Bitcoin (BTC) is up 8.3% to $33,957, recovering from a sharp drop on Friday that sent it tumbling below $30,000. Even with this recovery, Bitcoin is down nearly 75% from its all-time high of almost $20,000 (in April) this year. If you had bought at the peak, you would be down nearly 90%.
Prices surged to fresh records last week, as investors continue to look for better opportunities to invest in crypto. Bitcoin, the biggest, has become the darling of investors as it remains the only major cryptocurrency with a market cap north of $100 billion.
Price movements of bitcoin today are a bit of a mixed bag. Bitcoin is a currency that is designed to be used as a medium of exchange, and as such it needs to maintain widespread use to remain stable. To show you how Bitcoin price is linked to the fundamentals of the market, I am going to discuss two topics in this article: Bitcoin price and the technical setup of the market.. Read more about bitcoin price analysis and let us know what you think.
Summary of the situation
BTC rose yesterday.
The resistance was about $35,000.
A higher local low developed overnight.
The price analysis of bitcoin for the coming days is bullish, with bulls hoping to make up some of the losses of the past few days. Therefore, we expect BTC/USD to head for the next resistance at $37,500 later this week.
Four hourly chart BTC/USD. Source: TradingView
The overall pattern of bitcoin price action remains bearish, as a new low was reached earlier this week when the market broke below $31,000 support and slowly began trading higher. This price movement came after a decline of more than a week from a high of $41,000 on the 15th. June was observed indicating that the bulls had taken over.
After a small pullback to the $35,000 support, where a higher high should have been reached, BTC/USD plummeted on the 21st. But again in June. After that, BTC continued to rise until it reached the $29,000 mark.
So the bears are still in control and market sentiment remains bearish. We need more price action to better predict where the bitcoin price will go in the coming weeks.
We will likely see BTC/USD break higher in the next 24 hours and test the next resistance at $37,500. From here, a lower top could be established and the market could fall again. However, if the bulls manage to break above the $37,500 level, they could take control of the overall price action in the coming weeks and set a higher high above the current major intermediate high at $41,000.
Bitcoin price analysis: Supplement
The price analysis of bitcoin is bullish as the market rejected further declines earlier this week and has started to rise in recent days. BTC/USD set a higher local low overnight, suggesting that we can expect a breakout above the $35,000 level in the next 24 hours and head for the next resistance at $37,500.
In anticipation of the rise of bitcoin, read our guide on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoins.
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