Technical analysis suggests Bitcoin (BTC) is consolidating at a key support level in the near-term. A breakout of this level could propel BTC higher, while a breakdown could lead to a sharp retracement. Technical indicators are pointing to an oversold level, but the market is likely to drift sideways in the short-term.
I’m going to begin by saying that you should not buy into the hype around Bitcoin (BTC) and other cryptocurrencies. Bear in mind that the most popular cryptocurrency has a high price. It’s in everyone’s best interests to avoid getting caught up in the crypto boom and bust cycle. However, I’m going to explain why I believe that Bitcoin is still a worthwhile investment.TL;DR Breakdown
- BTC spiked higher overnight.
- Lower high set around $34,500.
- Bitcoin likely to move lower today
Bitcoin price analysis indicates bearish price action development today as a clear lower high was set overnight. Therefore, we expect BTC/USD to move lower later this week and try to reach the next support around $31,000 next.
The overall market price action starts to turn bearish again after a higher high was set around $36,500, and Bitcoin started setting lower highs from there. Late last week, BTC/USD pushed lower again and set a lower low of around $32,000.
From there, BTC rallied and set a lower high around $35,000, indicating that further push can be expected to the downside. Over the past hours, the Bitcoin price did, indeed, start to move lower, meaning that we can expect BTC/USD to reach the $31,000 mark over the next few days.
Once the $31,000 mark is reached, BTC/USD will be in a tough decision where to move next. If further downside is seen, BTC/USD will likely drop even further and try to set another several-month swing low.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish for today as a higher low has been established, and bears are starting to push the market lower again. Therefore, we expect a lot more further downside later this week with the $31,000 support targeted next.
While waiting for Bitcoin to reach $31,000, read our articles on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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