Home Cryptocurrency Bitcoin Price Analysis: BTC swiftly retraces to $33,000, higher low set?

Bitcoin Price Analysis: BTC swiftly retraces to $33,000, higher low set?

by Serge Shlykov

This week the Bitcoin price moved on a short-term basis in the direction of a short-term correction . The price broke downtrend resistance and has commenced a sideways consolidation, which will likely continue for the next few days.

Bitcoin price is consolidating above $34,000 after a slight pullback. The price is facing a critical resistance at $33,000 and not long term trendline support at $34,000. We need to see the price break down of trendline support first.

TL;DR Breakdown

  • BTC moved lower overnight.
  • Bitcoin found support around $33,000.
  • Market set for another rally.

Bitcoin price analysis indicates bullish momentum forming as a higher low was set overnight around $33,000, and further downside could not be reached. Therefore, we expect BTC/USD to rally higher over the next 24 hours and breach above the descending resistance trendline.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price trades in a symmetrical triangle pattern over the past month after a higher low was established above $30,000, and the following rally set a high around $36,500. From there, BTC/USD declined and formed a clear descending trendline of resistance.

Over the past weeks, BTC attempted to break higher. However, increasingly lower highs were set. Additionally, the swing low above $32,000 that was set on the 8th of July formed an ascending support trendline together with the previous lows set in June.

This price action development means that Bitcoin price is essentially trading in an increasingly tighter range. Breakout to either side will indicate where the market is headed over the following weeks.

However, currently, BTC/USD has established another lower high and higher low along the ascending support trendline, and we can expect another push high over the next 24 hours. From there, the trading range will become extremely tight, and we can expect a breakout to either side by the end of this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a higher low has been set overnight around the $33,000 previous support. Therefore, we can expect BTC/USD to rally higher later today and reach the several-week descending resistance trendline again.

While waiting for Bitcoin price to rally, read our articles on the advantages of DeFi, what can you buy with Bitcoin, Bitcoin fee.

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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