Bitcoin has been making a strong comeback over the past few weeks, as more people are becoming aware of its potential. It is currently trading at over $4000, but it is not too late to jump on the bandwagon.
The markets have been reset, and the bears are back in control. After a brief period of “crypto spring,” the bitcoin price has fallen back to earth, losing 15 percent in the last 24 hours, and trading at $38,000, which is 20 percent below the all-time high of $46,000 set in December.
The price of bitcoin has been on a roller coaster for the past few days, and today it was on the verge of a quick reversal. On July 15, the price of the world’s leading cryptocurrency was trading at $36,000. It then dropped by 10 percent to $33,000 and then shot up by 15 percent to $40,000. The price then started to pull back, falling back to $35,000 where it is now.. Read more about fun btc tradingview and let us know what you think.
- Overnight, BTC smashed over the $35,000 barrier level.
- Overnight, BTC/USD increased by more than 10%.
- The next step is to anticipate a retracement.
Since a more than 15% surge higher was observed overnight, Bitcoin price research suggests that negative momentum will continue over the following 24 hours. As a result, we anticipate a retracement in BTC/USD during the next 24 hours, with a retest of the $35,000 support level coming next.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been trading with a strong positive trend. Bitcoin has increased by more than 13%, while Ethereum has increased by about 11%. With a gain of 23%, VeChain (VET) is one of the top performers.
The price of bitcoin has risen above $40,000 in the past 24 hours.
Over the past 24 hours, BTC/USD has moved in a range of $33,881.84 – $39,280.42, suggesting high volatility. The overall trading volume has almost quadrupled to $39.72 billion. Meanwhile, the entire market value is approximately $721 billion, indicating a 47.12 percent market share.
BTC/USD 4-hour chart: BTC is on the verge of reversing.
The Bitcoin price is refusing any upward below $40,000 barrier on the 4-hour chart, suggesting an impending pullback after a more than 15% rise.
4-hour chart of BTC/USD. TradingView is the source of this information.
After the last swing high was established at $36,500, bitcoin price movement traded with a slight bearish trend during the preceding week. From then, BTC/USD retraced around 20% before finding support around $29,500.
After a strong reversal over the weekend, Bitcoin price is on the verge of testing a multi-day falling resistance trendline of resistance. Following brief stabilization below the barrier on July 23rd, BTC/USD recovered to the $35,000 level, where it surged another 15% until eventually reaching the $40,000 resistance.
This Bitcoin price movement has given a clear signal that the market is going to turn around, and the entire market structure has shifted to neutral. As a result, we may anticipate a retracement in BTC/USD later this week, with the possibility of a higher swing low. From there, Bitcoin’s price will most likely try to eventually break through the $40,000 big barrier and push higher in the next months.
Conclusion of the Bitcoin Price Analysis
Bitcoin price research shows that negative trend will continue over the next 24 hours, as BTC/USD rallied another 10% overnight and began to refuse any gains below the $40,000 key barrier level. As a result, we anticipate BTC/USD to begin retracing later today, with the initial support target around $35,000.
Read our tutorial on Bitcoin costs, DeFi benefits, and what you can purchase with Bitcoin while you wait for Bitcoin to retrace.
Disclaimer: The material on this website is not intended to be trading advice, and.com 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.
Despite a 15 percent gain today, Bitcoin is still way off its all-time high, which stands at around $19,000. Look at some long-term charts and you’ll see that Bitcoin has had a consistent upward trend since 2013, fluctuating between $200 and $1000 – but today’s 15 percent price increase is a sign that we’re in an uptrend.. Read more about xrp/btc price history and let us know what you think.
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