Bitcoin price analysis: BTC sets a lower high, prepares to move to $31,000 next?

  • BTC moved higher yesterday.
  • Lower high set around $34,000.
  • BTC/USD is expected to move lower over the next 24 hours.

Bitcoin price analysis is bearish for the upcoming days as a clear higher low was set over the last 24 hours. Therefore, we can assume that bears will take over the BTC/USD price action and push the market even lower early next week.

Bitcoin price analysis: BTC sets a lower high, prepares to move to $31,000 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin is up by 2.5 percent, while Ethereum 0.3 percent. The rest of the market trades with similar results.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $32,650 – $34,209, indicating a moderate amount of volatility. Trading volume has increased by 5.3 percent and totals $26.8 billion. The total market capitalization stands around 634 billion, resulting in market dominance of 45.34 percent.

BTC/USD 4-hour chart – BTC ready for further downside?

On the 4-hour chart, we can see the Bitcoin price action failing to move higher overnight, and preparing to push lower later today.

Bitcoin price analysis: BTC sets a lower high, prepares to move to $31,000 next?
BTC/USD 4-hour chart. Source: TradingView

The overall market still trades with a bearish sentiment. After a new swing high was set around $36,500 at the end of June, BTC/USD retraced to $33,000 and started setting lower highs from there.

From the last swing high around $35,000, BTC/USD retraced by 8 percent and established a lower low around $32,000. From there, Bitcoin rallied again over the past days to retest the several-day descending trendline. Additionally, the 50 and 100 period moving averages currently prevent Bitcoin from moving any higher.

This Bitcoin price action development should lead BTC to a lot more downside over the following days, as bears prepare to take over the market momentum and push Bitcoin towards further lower lows.

Next support is located around $31,000, and if reached from the current price of around $33.800, would mean a loss of around 8 percent once again.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish as the market has set a higher low overnight and currently rejects further upside. This price action development should lead BTC/USD towards a lot more downside next week, with the $31,000 mark as the next target.

While waiting for Bitcoin to move lower again, read our guides on DeFi advantages, Bitcoin fees, as well as what can you 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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