Bitcoin, the world’s largest cryptocurrency, is seeing a sharp retracement after a month-long rally. This week, BTC/USD found resistance at the $35,000 level, and has begun to move in the opposite direction. The $35,000 resistance level presents a major base of support, and if this level were to hold, the BTC price will likely retrace to the lows around $6,000.
Bitcoin has been trading sideways for the better part of a month. Over the past week, the price of Bitcoin has pulled back above the $35,000 support level. This week, however, the price of Bitcoin has resumed its more recent downward trend.
Bitcoin’s price has been on a downward trend since its all-time high in December. It’s now trading at approximately $3,500, with no signs of turning positive anytime soon. It’s difficult to pinpoint the exact reason for the recent decline, but there’s no mistaking that recent news has weighed down the price.. Read more about bitcoin support levels and let us know what you think.
- Yesterday, BTC continued to rise.
- The $35,000 resistance was identified as the next target.
- The market is preparing for a retracement.
Bitcoin price research suggests that negative momentum will emerge in the next 24 hours, since additional upside to $35,000 was observed overnight, and bulls have grown tired in the past 24 hours. As a result, we anticipate a retracement later today and a retest of prior support levels over the coming week for BTC/USD.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Cryptocurrency markets have been trading in the negative for the last 24 hours, as bears have taken control after yesterday’s huge surge. Bitcoin is down 0.86 percent, while Ethereum is down 2.7 percent. With a loss of almost 6%, Dogecoin (DOGE) is among the poorest performers.
Bitcoin’s price trend over the past 24 hours: Bitcoin’s price has continued to rise.
Over the past 24 hours, BTC/USD has moved in a range of $33,761.60 – $34,792.74, suggesting moderate volatility. The overall trading volume has dropped by 11.2 percent to $20.65 billion. Meanwhile, the entire market capitalization is approximately $642 billion, giving it a 46.28 percent market share.
4-hour chart of BTC/USD: Is BTC preparing for a reversal?
On the 4-hour chart, we can see that the Bitcoin price has failed to go higher in the past few hours, implying a significant pullback in the next week.
4-hour chart of BTC/USD. TradingView is the source of this information.
After a new swing high was reached at $36,500, bitcoin’s price has been trading in a strong bearish trend for the last several weeks. BTC/USD dropped more than 20% before finding support around the $29,500 level on July 20th.
Following that, a rapid recovery from the support level to the $32,000 level occurred. BTC/USD surged higher on Friday after brief stabilization below the $33,000 resistance level and a several-week falling trendline.
Overnight, resistance was discovered below $35,000, and any additional gains were denied. This price action pattern suggests that bears are now tired, and we may anticipate a multi-day pullback next week. The first apparent support level to test is around $32,000, with $31,000 being a more cautious support level where a greater bottom is expected to be made in the next week.
After a significant rise over the falling resistance line and a prior swing high hit at $34,500, the BTC/USD market action has turned much more positive.
Conclusion of the Bitcoin Price Analysis
Bitcoin price research shows that next week will be negative, as BTC/USD has gained approximately 18 percent since Tuesday and additional higher is now denied. As a result, we anticipate BTC to begin retracing and testing prior support levels in the next weeks, resulting in a higher low and a return to the previous all-time high.
Read our articles on Bitcoin fees, what you can purchase with Bitcoin, and DeFi benefits while you wait for Bitcoin to retrace.
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Bitcoin is having a rough month, with its price having fallen from $5600 to $3400 in just a few weeks. The analysts at Investopedia look to be bearish on the currency, predicting it to fall from here to $2000 and then $1000. I do not agree. The fact is that as long as the Bitcoin market is growing, it is never going to fall all the way to zero. Even if the recent increase in the bitcoin price is followed by a price decline of 80%, that is still an increase of over 2120%. The price of bitcoin will rise again, and I, for one, am bullish on the cryptocurrency’s future.. Read more about bitcoin price analyst and let us know what you think.
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