Bitcoin, the most popular cryptocurrency in the world, is experiencing a slow retracement this week after a huge spike followed by a rapid fall. The BTC/USD exchange rate has fallen back not far from $36,500, but it remains above $3,000, which is the major support level.
Bitcoin, the largest cryptocurrency by market cap, has seen a massive spike in interest over the past few days. The price of Bitcoin is now at a little over $36,000 after an enormous bull run that began on March 7, when the price of Bitcoin was $4,600. Since then, Bitcoin has experienced a relatively slow downtrend as it retraces back to its starting price. Nevertheless, it has been a record month for Bitcoin, and the price is still up substantially from the $3,000 it was at last week.
After yesterday’s massive rocket ride to $36,500, Bitcoin’s price is now retracing itself to the $34,000 region. While this is a slow process, the $36,500 rally yesterday may just be the beginning of a new bull run in the price. The market still has a long way to go until it breaks $1,000 again.. Read more about bitcoin analysis today and let us know what you think.Summary of the situation
- BTC rose yesterday.
- During the night the weather became clear and high.
- The market will fall today.
The bitcoin price analysis for the rest of the day is bearish, as a much higher high was made last night and the market has been falling for the past few hours. As a result, BTC/USD is expected to see many more declines in the next 24 hours.
Heatmap for crypto-currencies. Source: Coin360
The general market has moved into negative territory over the past 24 hours. Bitcoin and Ephirum lost more than 5%, while the rest of the altcoins followed suit.
Bitcoin price movements in the last 24 hours
BTC/USD traded in the range of $34,474 – $36,542, indicating high volatility. Trading volume fell 10% to $33.2 billion. The total market capitalization is approximately $648 billion, representing a market dominance of 46%.
BTC/USD 4 hour chart – BTC is starting to pull back again
On the 4-hour chart, we can see that the price of bitcoin has moved lower over the past few hours, indicating a further decline over the course of the day.
Four hour chart of BTC/USD. Source: TradingView
The entire market structure traded with slightly downward momentum in recent weeks after the market took a downward turn on the 15th. June had set a higher top around the $41,000 mark and failed to rise further.
A sharp decline to a support level of $29,000 followed in the weeks that followed. This price action development has restored a bearish price action pattern for BTC/USD as a new lower low has formed.
Last week, BTC/USD advanced until the $35,000 level offered resistance. Another downward push followed, leading to a low above the $30,000 level.
Bitcoin has since rebounded and set a slightly higher high at $37,000, suggesting that bulls are looking to move the market back towards resistance at $37,500, which has served as a pivot point for BTC/USD in recent weeks.
Bitcoin price analysis: Supplement
The bitcoin price analysis for today is bearish, as the market reached a high yesterday and is now starting to pull back to reach a new low. Once bitcoin reaches lower levels, we can expect the bulls to push the market even higher next week.
In anticipation of a bitcoin drop, check out our guides on the benefits of DeFI, bitcoin commissions, and what to buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.On Monday, Bitcoin experienced a huge rise, with the Bitcoin price reaching over $36,500. The current Bitcoin price is around $10,000, and we will be happy to reach $36,500 within near future. However, the Bitcoin price spike yesterday could not be sustained without further increase. On June 15th, Bitcoin surged by over $1,000 in just about an hour. However, today, the Bitcoin price has only increased by $400, with Bitcoin price holding at around $9,600.. Read more about crypto price analysis today and let us know what you think.
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