Bitcoin price analysis: BTC reverses towards $33,000, break lower today?

TL;DR Breakdown

• BTC established a lower high, around $36,000.
• Market rapidly moves to rest $33,000 previous low.
• Next support around $31,000

Bitcoin price analysis is bearish for today as the market established a lower high overnight and started pushing lower earlier today. Therefore, we expect BTC/USD to move past the $33,000 support and reach further lows later this week.

The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin and Ethereum have lost 6 percent, with the rest of the top altcoins following the majors.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $33,608 – $35,937, indicating a substantial amount of volatility. Trading volume has remained flat and totals $25.4 billion, while the total market capitalization trades around $630.6 billion, resulting in the market dominance of 44.87 percent.

BTC/USD 4-hour chart – BTC spikes lower again

On the 4-hour chart, we can see the Bitcoin price moving lower after failing to set a higher high, indicating that further downside is expected later this week.

Bitcoin price action continues trading sideways over the past weeks after support was found around $30,000, and the market failed to move lower from there. Another attempt to push lower to the $29,000 mark was followed, where a slightly lower low was set on the 22nd of June.

From the $29,000 mark, BTC/USD quickly spiked higher and set higher lows twice, with the last one being around the $33,000 mark last week. What followed was a rally higher, however, Bitcoin failed to set a higher high, and the price action pivoted around $36,000 overnight.

Earlier today, Bitcoin price started pushing lower again and breached the several-day ascending support trendline over the past hours. This price action development signals that BTC/USD wants to reverse to the downside again and see the market make another attempt to set a major swing lower low.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as a lower high was set around $36,000 overnight, indicating that bulls are exhausted. Therefore, BTC/USD will likely continue lower later this week as the market momentum shifts back to being bearish. 

While waiting for Bitcoin to move lower, read our guides 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-2021-07-05/