Bitcoin price analysis: Bitcoin spikes to $31,000, set to retrace to $35,000

TL;DR Breakdown

• BTC moved higher overnight.
• Closest resistance at $35,000.
• Market bearish overall.

Bitcoin price analysis is bullish for today as the market established a lower low around $31,000 yesterday and currently moved higher to retest previous support at $35,000.

The overall market trades with mixed results over the last 24 hours. Bitcoin is up by 3.45 percent while Ethereum is down by 0.3 percent. The rest of the market follows this pattern of mixed results with Solana (SOL) being one of the rare exceptions as it is up by almost 20 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $31,114 – $34,492, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 12 percent and totals $47.9 billion. The total market cap stands at $639 billion, resulting in a market dominance of 41.88 percent. 

BTC/USD 4-hour chart – BTC spikes to $35,000

On the 4-hour chart, we can see the Bitcoin price action momentum shifting overnight as a new swing low was established yesterday.

The overall market continues to move in a bearish momentum as another push lower was seen over the past few days. However, over the past weeks, some signs of recovery were established as the market could not move any lower and support was found at the $30,000 mark in the middle of May

From there, the Bitcoin price failed to set further lower lows, indicating that bears are exhausted and we can expect the overall several-week trend to reverse later this month. Additionally, for the past week, BTC/USD traded in an increasingly tighter range, indicating that bulls are preparing for further upside later this month.

However, a quick spike lower was seen on the 7th of May, signalling that the market is still not ready to reverse higher. Another lower low was set around the $31,000 mark, from which Bitcoin started to move higher overnight. Therefore, BTC should see further upside later today to test the resistance area around $35,000. 

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the market has established a new swing low after a strong push lower over the past days. Therefore, we can expect BTC/USD to retrace some of the loss seen over the past days and establish a lower high as the overall market price structure has turned bearish again.

While waiting for further Bitcoin price action development, read our latest guides on recent Bitcoin crash, Bitcoin left to mine, as well as how to invest in 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-2021-06-09/