Home Cryptocurrency Bitcoin price analysis: Bitcoin approaches $31,000 again, ready for further downside tomorrow?

Bitcoin price analysis: Bitcoin approaches $31,000 again, ready for further downside tomorrow?

by Serge Shlykov

With the price of Bitcoin approaching the $31,000 mark yet again, it is becoming increasingly likely that we will see more downside to the price in the coming days as the market is already saturated with supply.

Bitcoin fell by 1.4% in the last 24 hours, however, the digital coin is still at the “wall” of $31,000. BTC/USD broke through this ground zero in December, and on the 1st of January, it fell into the wall.

Bitcoin’s recent recovery from the lows of yesterday’s crash has allowed us to see the digital currency bounce back to a weekly high of $31,000 once again. While many expect this to be the short-term peak and for a new downtrend to begin at some point in the following days, bitcoin is still up by over 30% since yesterday’s low and has managed to hold onto this price even as the rest of the cryptocurrency markets are falling.. Read more about bitcoin price prediction and let us know what you think.

Summary of the situation

  • The BTC fell yesterday.
  • The market consolidated over $31,000 last night.
  • The next support target is $29,000.

Bitcoin’s price analysis is bearish for the next 24 hours as bears led the market lower yesterday after retesting the $35,000 resistance level. Therefore, we expect BTC/USD to drop to the next support level at $29,000 overnight, and possibly to new lows from there.

Four hourly chart BTC/USD. Source: TradingView

The overall price movement pattern of bitcoin has remained slightly bearish in recent weeks as it has followed a downward trend since hitting $41,000 on the 14th. No other higher highest values were reached in June. BTC/USD fell 30% from a local high of $41,000 to a low of $29,000.

In recent days, this development has led to a slight decline in the price to $35,000, which had previously acted as strong support. From this point, BTC/USD began to decline yesterday and closed very bearish, suggesting that we will see further declines in the next 24 hours.

Currently, the price of bitcoin is still moving lower, with support at $31,000 preventing further declines for now. However, given the overall price action, we can expect BTC/USD to break through the $31,000 support level and reach the next support at $29,000 in the coming hours.

After reaching $29,000, the next support lies at $27,500 and if it is reached in the coming days, the whole market structure will become even more bearish for a few weeks and we can expect further declines.

Bitcoin price analysis: Supplement

The price analysis of bitcoin is bearish as the market has outlined a strong downward move after retesting the $35,000 resistance level. This should lead to a further drop below the $31,000 support level overnight, with the next support around the $29,000 level.

While we wait for bitcoin to pass the $31,000 support level, read 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.This is a bit lengthy, but is kind of important so we included it. Bitcoin price has been on a steady upwards trend since the start of 2018 and is approaching the $31,000 range. Naturally, there is a bearish bias in the market, which caused both the BTC/USD pair and the broader cryptocurrency market to rally. However, that doesn’t mean that Bitcoin should be considered to be out of the woods. In fact, it could become the next target of the market’s bearish pressure. According to the opening analysis for April 8, there is an 80% chance of another sell-off. To understand why, have a look at the chart below:. Read more about will crypto recover and let us know what you think.

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