Bitcoin price analysis: BTC breaks below $33,000, set to regain some of the loss today?

After a week of consolidation, the Bitcoin price has lost another 1 percent against the USD. The BTC/USD pair has been in a falling channel for a week now, with the first breakout occurring on May 5th. The price has since dropped back into the channel, remaining fluctuating around the $32,000 handle.

Bitcoin has had a tough week so far, losing over $10,000 in value since Sunday. The cryptocurrency is still down by over 14% from its all-time high, currently valued at around $34,000, but it looks like it could be ready to rebound, with technicals suggesting a strong move to the upside in the near-term. As we discussed yesterday, the cryptocurrency is currently trading within a bearish trend-line on the short-term 1-hour chart, and this is now pushing the price down below the longer-term $33,000 support level.

Summary of the situation

  • Yesterday BTC again tested the $35,000 mark.
  • The market fell overnight.
  • The next support around $33,000 did not hold.

Bitcoin price analysis is bullish today as there has been a sharp decline in the last few hours and the $33,000 support level has been breached. Therefore, we can expect BTC/USD to bounce back and regain some of its losses from last night.

Heatmap for crypto-currencies. Source: Coin360

Overall, the market traded with strong bearish momentum over the past 24 hours. Bitcoin is down 6.5% and Ethereum almost 10%. The rest of the market showed similar losses of 6-9%.

Bitcoin price movements in the last 24 hours

BTC/USD traded in a range of $32,133 to $34,997, indicating high volatility. Trading volume rose nearly 2% to $28.25 billion. At the same time, the total market capitalization is $610.8 billion, representing a market dominance of 44.33%.

4-Hour Chart BTC/USD – BTC Jumps Down

On the 4-hour chart, we can see that the price of bitcoin has fallen sharply in recent hours, suggesting that some of the price will recover today.

Four hourly chart of BTC/USD. Source: TradingView

Bitcoin price analysis: BTC breaks below $33,000, set to regain some of the loss today?

The overall market structure turned bearish again after the multi-week uptrend support line was broken and the lower high was located near $35,000. This is the result of a failed bullish move earlier this week, when the $36,000 level prevented further bitcoin gains.

Since then, BTC/USD has been trading in tandem with the multi-day moving average, establishing a single local higher low. However, a sharp drop was recorded yesterday, which has led to further declines in the past few hours.

Currently, support is seen around the $32,000 level, while a slight distraction for further upward movement has emerged. Therefore, it is likely that BTC/USD will make up some of the losses of the past few days and set a lower high from which it will continue to move lower over the next week, with the next key support area around $31,000.

Bitcoin price analysis: Supplement

The bitcoin price analysis for today is bullish, as the market has fallen significantly over the past 24 hours and a reversal can be expected today to recoup some of the losses. Therefore, it is likely that BTC/USD will return above $33 and set a new lower high.

While you wait for bitcoin to recover some of its losses, read our guides on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoin.

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