- BTC moved higher yesterday.
- Resistance around $35,000 still holds.
- Reversal to the downside expected.
Bitcoin analysis is bearish for the upcoming 24 hours as the $35,000 mark was reached overnight and further upside was not seen. Therefore, we expect BTC/USD to reverse later today and move towards the $31,000 support again later this week.
BTC/USD traded in a range of $32,417 – $35,219, indicating a solid amount of volatility. Trading volume has decreased by 5.27 percent and now totals $34.3 billion. Market capitalization stands around $640 billion, resulting in market dominance of 46.8 billion.
Looking at the Bitcoin price action over the past weeks, we see that the market trades in a bearish price action structure. After BTC/USD established another lower low on the 22nd of June, the market quickly retested the $35,000 resistance.
From there, another attempt to move lower was seen late last week. However, bears filed to push the market below the $30,000 mark, which means a higher low has been set. Therefore, BTC/USD currently trades in an increasingly tighter range, with the $35,000 resistance serving as the mark to break if Bitcoin wants to start trending higher again.
This price action development means that we can expect Bitcoin price to trade in an increasingly tighter range later this week and build a base from which to move further. In case the $35,000 resistance breaks, BTC should find resistance at $37,500. Alternatively, in case BTC/USD moves lower, we can expect a lot more downside over the next weeks.
