Bitcoin Price Analysis: BTC spikes to $34,000, swift reversal to follow?
Bitcoin hit a record high of $3,450 on December 18, 2017, and the market has been on a roll ever since. As of writing, bitcoin is trading at $3,842, up 8% from its all time high, and up more than 11% from its bottom in late November.
Bitcoin, the dominant cryptocurrency, has had a tumultuous history, but recently the price of Bitcoin has been going through the roof. In under a month, the price of Bitcoin jumped from $3,000 to over $4,000, and now has been hovering around $3,400. Many people believe that Bitcoin is here to stay, and that it will be the dominant cryptocurrency in the future. But there is a lot of debate about whether or not Bitcoin is the most scalable payment system, and whether or not it is here to stay.
The Bitcoin price has been on a steady rise since the beginning of 2018. The cryptocurrency’s price has been on a steady rise since the beginning of 2018. Every day it seems to gain momentum. It just can’t stop going up. As of writing this, the price of Bitcoin has risen by over 60% in the past 30 days.
Overnight, BTC continued to rise.
The next level of resistance was achieved today, at $34,000.
Bitcoin is about to go in the other direction.
Bitcoin price research shows that the next 24 hours will be negative, as another surge upward was observed overnight, and the next significant barrier around $34,000 was hit. As a result, we anticipate BTC/USD to fall over the next several days, attempting to establish a new high.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the last 24 hours, the entire crypto market has seen a strong positive trend. Bitcoin has increased by 4.5 percent, while Ethereum has increased by 5%. Polkadot (DOT) is one of the best-performing stocks, up more than 8.3%.
The following graph shows the price of bitcoin over the past 24 hours: Bitcoin has recovered to $34,000.
Over the past 24 hours, BTC/USD has traded in a range of $32,057.89 – $33,953.50, suggesting moderate volatility. The overall trading volume has risen by 19.21% to $23.4 billion. Meanwhile, the entire market capitalization is approximately $635.27 billion, giving it a 45.83 percent market share.
BTC/USD 4-hour chart: Is BTC on the verge of reversing?
On the 4-hour chart, we can see that Bitcoin is encountering resistance around $34,000 and is ready to reverse part of its gains.
4-hour chart of BTC/USD. TradingView is the source of this information.
Because no definite high point has been formed during the last week, the entire Bitcoin price structure remains negative. BTC/USD fell more than 20% from its last major swing high of approximately $36,500 before finding support around $29,500, where the market witnessed a strong rejection candle towards the end of June.
BTC/USD, on the other hand, began to quickly surge higher after retesting the $29,500 support on July 20th. Yesterday, the several-week falling trendline of resistance was challenged once again, with a consolidation developing for more than 24 hours around the $32,500 price level.
Bitcoin spiked higher overnight, breaking through the declining trendline and breaking over the local high of $33,000. The surge continued to the next barrier level of $34,000.
As a result, the price action structure of BTC/USD has witnessed the first signs of a major trend reversal. First, we’ll almost certainly see another retracement downward in the coming days. We may anticipate another effort to go up during the following week if Bitcoin price can create a clear higher bottom, which might result in a far more significant reversal of the several-month negative market action.
Conclusion of the Bitcoin Price Analysis
Bitcoin price research suggests that negative trend will continue over the next 24 hours, after a quick surge upward to the $34,000 level overnight. As a result, BTC/USD has exhausted its bullish momentum and will most likely begin to decline in order to create a higher bottom from which to push higher in the coming weeks.
Read our tutorials on Bitcoin fees, what you can do with Bitcoin, and what DeFi is while you wait for Bitcoin to retrace.
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