Home Cryptocurrency Bitcoin price analysis: BTC reverses towards $33,000, break lower today?

Bitcoin price analysis: BTC reverses towards $33,000, break lower today?

by Serge Shlykov

The overall sentiment in the Bitcoin markets is generally bullish, with prices continuing to surge higher. While the $3500 and $3600 levels are holding strong, the $3300 level is acting as a resistance level for the bears. As a result, Bitcoin has broken below its short-term support and is now trending towards $3300.

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Bitcoin is rising. If you were patient and bought in a few days ago, you were probably rewarded handsomely. If you were impatient and bought during the last few days, you’ve probably lost money. At the moment, things look strong, but we’re not sure how long this uptrend will last.

On October 3, the Bitcoin price was trading at $6,500, and it continued to fall through the month of October, reaching a low of $5,800 on November 15. Over the past week, Bitcoin recovered and moved back above $6,000. Looking at the chart, the price has stabilized in a range between $7,200 and $7,300, which is a website called “bitcoinwisdom.com”. Read more about bitcoin today trend and let us know what you think.

Summary of the situation

  • BTC hit a lower top around $36,000.
  • The market is rapidly approaching the previous low of $33,000.
  • The next disc is $31,000.

The bitcoin price analysis for today is bearish, as the market set a lower high last night and started a decline early this morning. Therefore, we expect BTC/USD to break through the $33,000 support level and hit new lows later this week.

Heatmap for crypto-currencies. Source: Coin360

Overall, the market traded with strong bearish momentum over the past 24 hours. Bitcoin and Ethereum lost 6%, while other major altcoins followed in large categories.

Bitcoin price movements in the last 24 hours

BTC/USD was trading in a range of $33,608 – $35,937, indicating significant volatility. Trading volume remains unchanged at $25.4 billion and total market capitalization is $630.6 billion, representing a market dominance of 44.87%.

4-Hour Chart BTC/USD – BTC Jumps Down

On the 4-hour chart, we see that the price of bitcoin is moving lower after it failed to reach a higher high, suggesting that another decline is expected later this week.

Four hourly chart of BTC/USD. Source: TradingView

Bitcoin price analysis: BTC reverses towards $33,000, break lower today?

Bitcoin’s price momentum has continued to move sideways in recent weeks after finding support around $30,000 and the market has stopped falling from there. This was followed by another attempt to drop to $29,000, where the 22. A slightly lower low was reached in June.

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From the $29,000 level, BTC/USD recovered quickly and made higher lows twice, most recently last week near $33,000. An upward rally followed, but bitcoin failed to reach a peak, with the price hovering around the $36,000 mark overnight.

Earlier in the day, the price of bitcoin began to fall again and broke through the bullish trend line of support for several days in recent hours. This movement in price action suggests that BTC/USD is looking to turn lower again and that the market is making another attempt to establish a key swing low.

Bitcoin price analysis: Supplement

Bitcoin’s price analysis is bearish today, as a lower high of around $36,000 was reached overnight, suggesting that the bulls are exhausted. Therefore, it is likely that BTC/USD will continue to decline during the week as the market momentum turns bearish again.

In anticipation of bitcoin’s decline, read our guides on the benefits of DeFi, bitcoin costs, and what you can buy with bitcoins.

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 has seen a strong increase this week, which has propelled it to the highest level it has reached since September 2017. At the time of writing bitcoin is trading at $9,872, representing a gain of 60% in a week. This is above the $7,000 level which was the previous psychological resistance level.. Read more about btc selloff and let us know what you think.

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