Bitcoin is down today, after breaking below the $3,000 mark. Let’s see how the rest of the day plays out.
Bitcoin has been a rollercoaster this year, with the world’s first cryptocurrency reaching a record high of $20,000 in December and then dropping a long way to $6,000 in February. Today, the price is back up to around $10,000, but there’s a lot of uncertainty in the market.
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
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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