Bitcoin price analysis: BTC established a lower high at $34,500, targets $31,000 next?

TL;DR Breakdown

• BTC spiked higher overnight.
• Lower high set around $34,500.
• Bitcoin likely to move lower today

Bitcoin price analysis indicates bearish price action development today as a clear lower high was set overnight. Therefore, we expect BTC/USD to move lower later this week and try to reach the next support around $31,000 next.

The overall market trades with a slight loss over the last 24 hours. Bitcoin has lost 0.73 percent, while Ethereum around 1 percent. EOS is among the best performers, with again of around 7.43 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,510 – $34,592, indicating mild volatility. Trading volume has increased by 13.26 percent and totals $22.76 billion. Meanwhile, the total market capitalization stands at around $628.9 billion, resulting in market dominance of 45.13 percent.

BTC/USD 4-hour chart – BTC ready to move lower

On the 4-hour chart, we can see the Bitcoin price starting to move lower again as bears target the $31,000 support next.

The overall market price action starts to turn bearish again after a higher high was set around $36,500, and Bitcoin started setting lower highs from there. Late last week, BTC/USD pushed lower again and set a lower low of around $32,000. 

From there, BTC rallied and set a lower high around $35,000, indicating that further push can be expected to the downside. Over the past hours, the Bitcoin price did, indeed, start to move lower, meaning that we can expect BTC/USD to reach the $31,000 mark over the next few days.

Once the $31,000 mark is reached, BTC/USD will be in a tough decision where to move next. If further downside is seen, BTC/USD will likely drop even further and try to set another several-month swing low.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish for today as a higher low has been established, and bears are starting to push the market lower again. Therefore, we expect a lot more further downside later this week with the $31,000 support targeted next.

While waiting for Bitcoin to reach $31,000, read our articles on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2021-07-12/