Bitcoin price analysis is bearish today as we expect bulls to be exhausted after a strong break higher and test the $32,500 mark. The $31,000 resistance will likely be retested as support before further upside can follow later this week.
The market has turned increasingly bullish over the last 24 hours. The leader, Bitcoin, gained 5.04 percent, while Ethereum by 2.99 percent. Meanwhile, Cardano (ADA) is the top performer, with over 17 percent gained.
Bitcoin price movement in the last 24 hours: Bitcoin continues to advance
BTC/USD traded in a range of $30,583.20 to $32,249.86, indicating strong volatility over the last 24 hours. Trading volume has increased by 33.66 percent, totaling $38.4 billion, while the total market cap trades around $613.1 billion, resulting in a dominance of 46.38 percent.
BTC/USD 4-hour chart: BTC sees slight rejection at $32,500
On the 4-hour chart, we can see further upside tested over the past hours with low momentum, indicating that retracement could soon follow.
Bitcoin price action has traded within a narrow consolidation over the past weeks. The support at $29,000 was initially broken at the end of last week, indicating that further downside could follow soon.
However, over the weekend, bulls managed to regain control over the market. BTC/USD slowly returned above $29,000 before a strong spike higher was seen early yesterday.
After some initial resistance at the $31,000 mark, Bitcoin broke past it later in the day, reaching as high as the $32,400 mark. Overnight, slight consolidation followed before another attempt to move higher followed today.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bearish today as the market has gained over 15 percent from the last swing low. Therefore, BTC/USD should respect the $32,500 next resistance and retrace over the next days.
While waiting for Bitcoin to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.
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