Bitcoin has been on a roll lately, and on Monday morning it’s retested $35,000 yet again. The currency is still slightly above the key support level of $30,000, which could see another downturn heading into week 2, but we’re not yet out of the woods.
Bitcoin dropped to as low as $35,000 overnight as it retested its support level. A move to $35,000 should be viewed as a sign that bears are in control of the market, and that the price will head lower.
The Bitcoin market has been on a rollercoaster ride over the past few days, reaching new all-time highs and then falling to new lows in a matter of hours. That’s how we know when the bulls are in control. In the end, the bears always win.Summary of the situation
- BTC rose yesterday.
- Resistance around $35,000 remains in place.
- A downward reversal is expected.
The bitcoin price analysis for the next 24 hours is bearish, as the $35,000 level was reached overnight and no further growth is expected. Therefore, we expect BTC/USD to reverse later today and re-approach support at $31,000 later in the week.
4 hour chart of BTC/USD. Source: TradingView
Looking at bitcoin’s price action over the past few weeks, we can see that the market is trading in a bearish price action pattern. After the BTC/USD was traded on the 22nd. After hitting a new low in June, the market quickly tested the $35,000 resistance level.
From there, a new drop was attempted late last week. However, the bears have been trying to push the market below $30,000, meaning a higher bottom is expected. As such, BTC/USD is currently trading in an increasingly tight range, with the $35,000 resistance level serving as a marker that must be broken if bitcoin is to begin a new uptrend.
This development means that we can expect the price of bitcoin to trade in a narrower range later in the week, paving the way for further moves. If resistance at $35,000 is broken, BTC should experience resistance at $37,500. Otherwise, if BTC/USD moves lower, we can expect a much bigger drop in the coming weeks.
Bitcoin price analysis: Supplement
The price analysis of bitcoin for the next 24 hours is bearish, as no new gains were made overnight and the market continues to offer resistance to the $35,000 level. Therefore, we expect BTC/USD to continue its downtrend later this week to establish a new higher low.
In anticipation of a bitcoin pullback, read our guides on betting on Cardano, recording bitcoin and how to buy bitcoin stocks.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin prices tumbled overnight, dropping below $34,000 for the first time since mid-November. The price of the world’s leading digital currency dropped nearly $1,000 in the space of about two hours, before bouncing back up to around $35,000 for most of the day. Bitcoin is still trading about 9 percent below its all-time high of nearly $17,000.. Read more about matic tradingview and let us know what you think.
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