The past few days have been relatively calm for Bitcoin, as the world’s largest cryptocurrency was unable to break out of a bearish trend that started with a minor correction on August 2, when the price came down from $4500 to $4300.
The BTC price is changing very little in the past 24 hours. Today we’ll watch the BTC price move up to around $36,000 and then look for a break near $36,000. If it breaks it, we’ll look for a move to the $40,000 level, or a move to $33,000. **Caveat: the important thing to remember is that Bitcoin is a short-term currency, with a trend that is highly volatile, so it is important for you to only invest a tiny percentage of your portfolio in Bitcoin.**
As Bitcoin continues to drop, it is time to consider whether a bullish or bearish channel is taking shape. While the crypto’s price action has been more volatile than many of us would like to see, the price has nonetheless managed to create a short consolidation lasting a few weeks now.. Read more about why crypto market is down today 2021 and let us know what you think.Summary of the situation
- Overnight, BTC established a base above $33,000.
- The market is gearing up for a rally.
- The next upside target is around $38,000.
The price analysis of bitcoin for today is bullish, as the market has made a low high over the past 24 hours, creating a base from which to set a higher price later in the day. As a result, we expect BTC/USD to move towards resistance at $38,000 over the weekend.
The overall market structure remains downward looking, as a low was reached on June 22 after a sharp decline from the previous high at $41,500. However, this could be the last lower low before we see a major reversal in BTC/USD and the completion of a multi-month pullback from the all-time high of $65,000.
The first sign of a reversal was seen earlier this week with a higher local high at $36,500. BTC/USD then reversed in the last 24 hours and established a new higher low from which it will continue to rise in the coming days.
Currently, the price of bitcoin has support around $33,000 and there are no further attempts at a decline. This should propel BTC/USD to new highs over the weekend as bulls try to finally break through resistance at $38,000. From here, we can expect bitcoin bulls to aim for the multi-week high of $41,500 and lead the market to an all-time high from there.
Bitcoin price analysis: Supplement
The price analysis of bitcoin for the next few days is bullish, as the market has pulled back from a higher local high and formed a base to move forward from. Therefore, we expect BTC/USD to turn higher and try to reach the main resistance of $38,000.
In anticipation of the rise of bitcoin, read our guides on the benefits of DeFi, bitcoin commissions, 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.Bitcoin is back on an upward trend, and it has now set a higher low at $33,000 over the weekend. The CoinDesk Bitcoin Price Index (BPI) has logged the highest price since January, which means the price has gained $6,700 in just the last two weeks. The cryptocurrency is still trading at the lowest price it has been at since early July, but has since staged a strong comeback in the past few days to recapture the $33,000 price level.. Read more about ethereum price and let us know what you think.
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