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BTC price analysis: BTC retests $35,000 resistance, prepares to break lower again?

2 min read

TL;DR Breakdown

  • BTC moved higher overnight.
  • Resistance around $35,000 retested again.
  • Next target around $31.000,

BTC price analysis is bearish for today as the market tested the $35,000 resistance over the past hours, and further upside is still not seen. Therefore, we expect BTC/USD to push lower again over the following 24 hours and reach the next support of around $31,000.

Bitcoin price analysis: BTC retests $35,000 resistance, prepares to break lower again? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours, with BTC increasing by 2 percent and ETH around 3.5 percent. Solana (SOL) and Polkadot (DOT) are among the best performers, with a 9-10 percent gain.

BTC price movement in the last 24 hours

BTC/USD traded in a range of $33,599 – $34,997, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 5 percent and totals $27 billion. Meanwhile, the total market cap trades around $651.6 billion, resulting in market dominance of 44 percent.

BTC/USD 4-hour chart – BTC prepares to move lower again?

On the 4-hour chart, we can see the BTC price retesting the $35,000 resistance as the market prepares for another push lower later today.

Bitcoin price analysis: BTC retests $35,000 resistance, prepares to break lower again?
BTC/USD 4-hour chart. Source: TradingView

The overall market trades sideways over the past weeks. After both a higher high and lower low was set in the middle of June, BTC/USD started moving sideways again with the $35,000-$36,000 resistance tested several times.

From the higher lows set over the past days, a trendline of support was established eventually, however, broken over the last 24 hours. This price action development indicates that BTC price currently prepares to break down again and move to retest the previous significant swing low of around $29,000.

Alternatively, if BTC can push above $36,000 resistance, we can expect a lot more upside over the next weeks and a shift in the overall momentum back to the upside. However, the best option is to wait for further price action development in either a high thigh or lower low.

BTC Price Analysis: Conclusion 

BTC price analysis is bearish for the upcoming days as the market has lost its momentum again, and a lower high was established overnight. Therefore, unless the $35,000 mark holds, we can expect BTC/USD to retrace lower today and start setting lower lows again. 

While waiting for BTC to move lower, read our guides on DeFi advantages, BTC fees as well as what you can do with BTC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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