Bitcoin price analysis is bullish today as we expect the current retest of downside to end with another attempt to break higher. Likely BTC/USD will soon regain strength to attempt to break the $31,000 major resistance.
Cryptocurrency heat map. Source: Coin360
The market has moved with mixed results over the last day. While the leader, Bitcoin, has gained 0.73 percent, Ethereum traded slightly in the red with a 0.36 percent loss. Meanwhile, the rest of the top altcoins traded in between the two.
Bitcoin price movement in the last 24 hours: Bitcoin fails to test $31,000, retests downside
BTC/USD traded in a range of $29,159.69 to $30,157.78, indicating strong volatility over the last 24 hours. Trading volume has declined by 10.29 percent, totaling $26.43 billion, while the total market cap trades around $561.63 billion, resulting in a market dominance of 44.62 percent.
BTC/USD 4-hour chart: BTC fails to move higher
On the 4-hour chart, we can see slight retracement once more over the past hours. However, if the $29,000 holds and high local low is set, further upside can be expected.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin price has seen further failure to move in either direction over the past week. With the resistance set around $31,000 and support at $29,000, BTC/USD is yet to show clear signs of where it’s headed next.
Yesterday, we saw a clear bounce and rejection from the support, indicating that further upside has to follow soon. However, not much more upside followed as BTC saw resistance at $30,000.
This has resulted in a slight pullback over the last few hours, with a higher low being formed. If the Bitcoin price does not break any lower later today, we expect another test of $31,000 to follow. Alternatively, if the $29,000 mark breaks, a lot more downside could come over the remaining month.
Bitcoin price analysis: Conclusion
Bitcoin price analysis is bullish today as we have seen attempts to move higher over the last 24 hours. Therefore, the current test of downside should soon end with further upside reached.