Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?


Bitcoin began the week at $3,000.00, and BTC/USD has been trading sideways between the 21,000 and 23,000 levels over the past few days. The weekly RSI is showing weakness, and we are seeing a point of no return up near the $35,000.00 mark. At press time, BTC/USD is exhibiting a bullish crossover of the RSI divergence and is currently testing the upper bounds of the Bollinger Band indicator. We are looking for a reversal in the short term, so we are targeting an immediate pullback to the $3,000.00 support level.

Bitcoin price analysis In this Bitcoin price analysis, we review BTCUSD, looking for signs of a reversal and confirm the key uptrend continuation pattern. The pattern is a [~] which validates the price action as being in a downtrend, confirming the set up of a reversal at the critical level of $33,000. This was our first trade in the downtrend which began in June, which is the primary reason we were able to make a profit in this trade. The [~] pattern is still very valid, as it forms again late next week. There has been a lot of attention paid to Bitcoin recently, and it seems like there is a lot of momentum in the markets right now. We expect a lot of volatility in the

The Bitcoin price reached a high of $33,000 on December 12th, and was trading close to this level on December 13th. However, today the price is starting to show signs of weakness after coming off the $24,000 mark on December 13th. Today’s Bitcoin price chart shows us that a major support level has been in place for the past few weeks, which we discussed in our December 12th Bitcoin price analysis. As we demonstrated there, the $24,000 level will have to break before we see a continuation of the uptrend and new all-time highs.. Read more about bitcoin news and let us know what you think.

TL;DR Summary

  • Yesterday, BTC continued to rise.
  • In the morning, further upside was denied.
  • Bitcoin is preparing for another drop.

Bearish price action momentum is expected for the next 24 hours, according to Bitcoin price research, as bulls have spent their enthusiasm. As a result, we anticipate BTC/USD to resume its downward trend and retest the $29,500 support level.

Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the market has been trading in the green. Bitcoin has gained 1.2 percent, while Ethereum has gained almost 4%. The rest of the major cryptocurrencies have seen a small rise as well.

Bitcoin’s price has risen in the past 24 hours, approaching the $33,000 barrier level.

Over the past 24 hours, BTC/USD has moved in a range of $31,993.38 – $32,854.61, suggesting moderate volatility. The overall trading volume has dropped by 22.48 percent to $19.5 billion. Meanwhile, the entire market capitalization is approximately $608.8 billion, giving it a 45.7 percent market share.

BTC/USD 4-hour chart: Is BTC on the verge of another drop?

The Bitcoin price has rejected additional upward during the past 24 hours, as bears prepare for another wave to the downside, as seen on the 4-hour chart.

Bitcoin Price Analysis: BTC fails to reach $33,000, set for a reversal today?4-hour chart of BTC/USD. TradingView is the source of this information.

The price of bitcoin has continued to fall along a falling resistance trendline that has been in place for many weeks. This is due to the inability to achieve new highs at the end of June, when a swing high of approximately $36,500 was set. BTC/USD failed to go higher after reaching a high of $36,500, and instead made multiple lower highs, establishing the falling resistance trendline. 

Bitcoin saw a sharp rise earlier this week, approaching the last key support level of $29,500. Following that, on July 20th, BTC/USD reversed and rapidly rebounded back into the resistance trendline. 

Resistance was eventually established below the $33,000 level, suggesting that a further decline is likely over the weekend. As a result, BTC/USD is anticipated to return to the $29,500 support level next and trade in a tighter range, creating a descending triangle pattern.

Conclusion of the Bitcoin Price Analysis 

Bitcoin price research suggests that negative trend will prevail over the next 24 hours, as barrier around $33,000 inhibits further gains and the market has begun to drift sideways. As a result, we anticipate BTC/USD to begin pushing lower over the weekend, attempting to retest the prior support of $29,500. 

While you wait for Bitcoin to drop any further, check out our tutorials on DeFi benefits, Bitcoin fees, and what you can buy with Bitcoin.

Disclaimer: The material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Bitcoin price is currently testing the $3,000 price support zone. If it can sustain above this level, it will likely break the $3,000 resistance and test the $3,500 resistance to the downside. Technically, the daily chart is still weak, and the price is eyeing a fresh $3,000 low. However, a break above the $3,200 resistance will likely push the price higher, towards the $3,400 resistance level.. Read more about bitcoin double top pattern and let us know what you think.

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Emilia James
By Emilia James

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