Bitcoin price analysis: BTC reverses after a spike below $33,000 yesterday

The Bitcoin price has been getting hammered over the last week, despite the fact that the futures market volume has tapered off, and as a result, the price of Bitcoin has dropped significantly. We have seen a lot of drama in the price of Bitcoin over the last week, with a massive drop and subsequent rebound today, and the price has been trading between $32,000 and $33,000 over the last 24 hours.

Bitcoin (BTC) is currently valued at $34,572 on the CoinDesk Bitcoin Price Index (BPI) at the time of writing this, up 2.2% on the day. It has been a very volatile week for Bitcoin, as we saw a four-day gain of $4,000 on Monday, followed by a three-day loss of $3,000 on Tuesday.

Summary of the situation

  • BTC hit a new low yesterday.
  • The previous support around $33,000 has been passed.
  • The price of bitcoin tends to set a higher bottom.

Bitcoin price analysis is bullish today as the market recovers some of the losses of the past few days. This shift in price action should result in bitcoin hitting another lower high and a much lower price next week.

Four hourly chart BTC/USD. Source: TradingView

In recent weeks, the global market has moved sideways. After BTC/USD posted both a high and a low in mid-June, it slowly began to climb.

However, after peaking near $36,500, BTC/USD failed to continue its upward trend, hitting two slightly lower highs and breaking the uptrend support line within a few days. From there we saw a decline yesterday, with a low around $32,000.

This movement in the bitcoin price suggests that market sentiment has turned bearish again. Therefore, it is likely that BTC/USD will make a new low over the weekend and head for the next support around $31,000 next week.

Bitcoin price analysis: Supplement

Bitcoin’s price analysis is bullish for the next few hours as the market has set a lower low and is currently moving higher to set a lower high from which it will move back down next week.

While we wait for bitcoin to make a comeback, check out our guide on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoins.

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