It has been a tough time for Bitcoin, as it has dropped by over 20% over the past couple of weeks. However, it looks as if the worst is over for Bitcoin, as it is now about to retrace back to the previous support level of around $33,000. If this happens, then Bitcoin could see a large spike upwards this week.
Bitcoin price analysis: Bitcoin retraces to $33,000, prepares to push higher today?Summary of the situation
- Yesterday, the BTC pulled back.
- Support found about $33,000.
- The next target is $40,000.
The bitcoin price analysis for today is bullish as the market has pulled back over the past 24 hours and the bulls are preparing to push the market higher to reach the key resistance level of $40,000.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has seen mixed results over the past 24 hours. Bitcoin fell 2.76 percent, while Ethereum was virtually unchanged. The rest of the altcoin market is showing similar results with low volatility.
Bitcoin price movements in the last 24 hours
BTC/USD was trading in a range of $33.112 – $35.197, indicating moderate volatility. Trading volume increased 16.12% to $38.8 billion. The company has a total market value of about $632.4 billion, giving it a 45.3% market share.
4 hour chart BTC/USD – BTC tries to set a higher bottom
On the 4-hour chart, we see that the price of bitcoin has fallen over the past 24 hours to form a higher low from which it can move higher later this week.
Four hourly chart of BTC/USD. Source: TradingView
Overall, the market has moved neutral in recent weeks, with strong support around $31,000 and resistance around $38,000. Last week we saw BTC/USD retest the $31,000 support level and make a slightly higher low, suggesting further upward movement.
This development has caused bitcoin to rise in recent days and reach a slightly higher high around $36,500, which is another indication that the bulls are gaining ground. Yesterday, bitcoin experienced a slight pullback towards the $33,000 level, where a higher high could be reached.
The next upside target is the $38,000 resistance level, which, if broken, could lead to significant gains in the coming weeks. However, there could be further price declines in the next 24 hours if the $33,000 support level does not hold.
Bitcoin price analysis: Supplement
Bitcoin’s price analysis is bullish for the next 24 hours, as the market experienced a sharp pullback yesterday and a downtrend earlier today. Bitcoin has now set a high-low around $33,000 which, if it holds, should see BTC climb further above the next resistance level of $38,000.
In anticipation of the rise of bitcoin, read our guides on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoins.
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