Bitcoin price analysis: Bitcoin starts to slowly edge higher after a spike below $30,000

Bitcoin price analysis is bullish for the upcoming days as bulls look to regain some of the loss seen over the past days. Therefore, we expect BTC/USD to move towards the next resistance at $37,500 later this week.

Bitcoin price analysis: Bitcoin starts to slowly edge higher after a spike below $30,000 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has retraced 0.6 percent, while Ethereum 1.9 percent. The rest of the crypto market has seen mixed results, with Tron (TRX) being among the best performers, with a gain of 14.7 percent.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $32,385 – $34,485, indicating a good amount of volatility. Trading volume has decreased by 39.76 percent and totals $33 billion. Meanwhile, the total market cap stands at $636.8 billion, resulting in market dominance of 46.67 percent.

BTC/USD 4-hour chart – BTC ready to move above $35,000?

On the 4-hour chart, we can see the Bitcoin price establishing a higher low earlier today as bulls prepare for another push higher.

Bitcoin price analysis: Bitcoin starts to slowly edge higher after a spike below $30,000
BTC/USD 4-hour chart. Source: TradingView

The overall Bitcoin price action structure is still bearish as another lower low was set earlier this week as the market spiked below the $31,000 support and started slowly trading higher from there. This price action development was seen after a more than week-long retracement from the $41,000 high, which was set on the 15th of June, and indicated that bulls have taken over.

However, after a slight retracement to the $35,000 support, where a higher low should have been established, BTC/USD spiked lower again on the $21st of June. From there, BTC moved even further until a spike to the $29,000 mark was set.

Therefore, bears are still in control, and the market sentiment is still bearish. We still need further price action development to predict better where the Bitcoin price is heading over the following weeks.

Likely we will see BTC/USD break higher over the next 24 hours and test the next resistance at $37,500. From there, a lower high could be set, and the market would reverse lower again. Alternatively, if bulls can push above the $37.500 mark, we could see bulls take over the overall price action over the next weeks and establish a higher high above the $41,000 current major medium-term high.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the market rejected further downside earlier this week and started to edge higher over the past few days. Overnight, BTC/USD set a higher local low, indicating that we can expect a move above the $35,000 mark over the next 24 hours and a push towards the next resistance at $37,500.

While waiting for Bitcoin to move higher, read our guide on the advantages of DeFi, 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.

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