There has been a lot of interesting recent action in the world of cryptocurrency, particularly in the wake of the recent halving event. We’ve already seen the price of Bitcoin spike to $35,000 as it hashed out a new all-time high. A sudden spike of this magnitude is certainly rare and is likely to be followed by a rapid reversal to a new low.
The price of Bitcoin has been hitting new highs recently, rising from $1,000 at the beginning of the year to over $15,000 today. However, there is speculation that the bubble could be about to burst, and the price will soon start to drop back down.
The world of cryptocurrency is constantly changing and Bitcoin is no exception. In fact, Bitcoin may be more prone to wild price swings than ever before. After breaking out of its descending triangle, Bitcoin’s price has rocketed to new all-time highs. This has been no surprise to the cryptocurrency community, as they had predicted this breakout in the middle of February. In light of this, Bitcoin’s increased price may be a sign of its growing popularity and the potential for it to continue rising.. Read more about bitcoin price analysis and let us know what you think.Summary of the situation
- The BTC fell yesterday.
- Support lies at the previous bottom of $35,000.
- A further rise is likely early next week
Bitcoin’s price analysis for today is bullish, as the market continued its pullback from yesterday and found support around $35,000 overnight. Therefore, we expect BTC/USD to rise in the coming days and try to break above the $41,000 resistance level.
The market has shown a generally neutral price trend in recent weeks, after falling about 50% from the last major peak of $59,000 in May. The market price then established a trading range of $35,000 as support and $40,000 as resistance.
In late May and early June, BTC/USD was trading in an increasingly narrow range with higher lows and lower highs. The 6th. In June, volatility fell sharply following a retest of the $35,000 level.
The eighth. In June, BTC went on a tear, quickly reaching the level of previous key support at $31,000. This can be seen as the final test of the downtrend before the start of a more serious uptrend. After the bearish peak, two strong upward waves led to a breakout of the $40,000 level, meaning the bulls are gaining strength and the whole market structure is becoming more and more bullish.
BTC/USD has suffered a pullback in recent days to a previous low of $35,000 overnight. With a further decline being rejected, we can assume that the market will turn higher in the coming days.
Once the current high around $41,000 is broken, we expect the next resistance to be at $46,000 – $47,000 and from there the market will rush to the previous all-time high.
Bitcoin price analysis: Supplement
The price analysis of bitcoin is bullish now that the bears have pushed the market towards the $35,000 support level and a consolidation around $35,000 has begun. Therefore, we expect BTC/USD to recover somewhat from the losses of the past few days early next week.
As the price of bitcoin moves, read our latest articles on Chinese miners, the Cardano exchange rate and how to buy bitcoin shares.
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