After months of technical analysis, the price of Bitcoin has finally crossed a major milestone. It now sits at $33,000, a gain of over 500% from the beginning of the year. This level of progress is incredibly impressive and somewhat baffling, given that a single Bitcoin is now worth more than the national currencies of both Japan and South Korea. While it is still way short of the all-time high of December 2017 ($19,000), it is an astonishing figure for a novice investor to comprehend. As investors, we must ask ourselves: do we understand what we are getting in to? And more importantly: how can we use our knowledge about Bitcoin to make better investing decisions?
The price of Bitcoin has been dropping rapidly over the past few days and it is clearly headed for its first major retracement. The long term trend line is still intact as we can see in the chart below, but for now, it is time to look at the short term, and the big picture.
Bitcoin may be slowly returning to its place as a mainstream investment vehicle, but many people are still wary of moving into the currency, especially since its recent price surge. While some of today’s adopters are from the tech world, many of them are more likely to be people who are generally worried about the long-term future of the currency.Summary of the situation
- In the last 24 hours, the price of BTC has dropped.
- Support for about $35,000 is broken.
- Some support was found at $33,000.
The price analysis of bitcoin for the next few hours is bullish, as the market was bearish for the past few hours until support was found at $33,000. Therefore, we expect BTC/USD to rise again in the coming hours and retest the previous support around $35,000 as resistance. Crypto-currency heat map. Source: Coin360 The market traded generally in the red over the past 24 hours as bears have taken over in recent hours. Bitcoin fell 5.2 percent and Ethereum fell 6.6 percent. Ripple (XRP) and Dogecoin (DOGE) are among the most successful.
Bitcoin price movements in the last 24 hours
BTC/USD traded in a range of $33.432 million to $36.359 million, indicating moderate volatility. Trading volume fell 6.7% to $33.6 billion. Meanwhile, the total market capitalization is $540 billion, representing a market dominance of 45%.
4-hour chart BTC/USD – BTC bounces back down
On the 4-hour chart we can see that the price of bitcoin has dropped below $35,000 and reached $33,000. Four hourly chart BTC/USD. Source: TradingLife Overall, the market has been neutral in recent weeks after bears drove the price of BTC/USD from an all-time high of $65,000 to a low of $31,000. The market then consolidated in an increasingly narrow range in late May and early June. The seventh. In June, BTC/USD fell sharply and tested the $31,000 level, followed by a strong upward recovery. A few days later, there was another jump to the $41,000 mark. After that, the price of bitcoin began to fall again and approached the $35,000 support level for several days. Support at the $35,000 level kept bitcoin from falling further for 24 hours, but the last few hours have seen a decline. This has taken BTC/USD to the $33,000 support level, where some distance from further decline can currently be seen. Therefore, we can expect BTC to fall back to the $35,000 mark in the coming hours. Once this happens, we can expect further declines as the overall sentiment of price action is bearish. However, if BTC/USD breaks back above the $35,000 level, we can expect the next resistance around the $37,500 level. It’s too early to say where bitcoin will go. Therefore, the best option now is to wait for more bitcoin price action.
Bitcoin price analysis: Supplement
Bitcoin price analysis is bullish as the market has continued to decline over the past 24 hours and has broken through the $35,000 support level. This has taken BTC/USD to $33,000 and we can expect a slight pullback as the market looks to retest previous support at $35,000 as resistance. While we wait for bitcoin to test the $35,000 mark again, read our guides on the benefits of DeFi, bitcoin commissions and what you can 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.The Bitcoin price hit $33,000 on Thursday, and it currently seems to be in a strong momentum to continue higher. The price has been in a clear uptrend since the start of the year, and it is now at a price where there is a lot of speculation and FOMO.. Read more about bitcoin price dump and let us know what you think.
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