Since the beginning of 2018, investors have been watching the Bitcoin price on a daily basis. After reaching a financial high of over $20,000 on December 19, 2017, Bitcoin has seen a steady decline that is now in the low $7,000s. This slide is expected as the Bitcoin price is now trading at a level that is not sustainable long term.
Bitcoin reached new all-time highs yesterday, but it’s not clear whether the market will keep rising. BID-ATM is short for bid ask spread, which refers to the difference between the price at which buyers and sellers agree to buy or sell. Obviously it is a positive number when the market is rising, and negative when the market is falling. If the market is rising, the spread is positive, meaning that demand is stronger than the supply of Bitcoin, and the price will continue to rise (unless we can identify a better alternative). As the market has been falling for the past few days, the spread has become increasingly negative, suggesting that demand is weaker than supply and that the price will soon fall below the $10,000 level
Summary of the situation
- BTC continues its downward movement after retesting the $33,000 barrier.
- The next support at $31,000 was reached overnight.
- Bitcoin is once again trying to break out on the downside.
Bitcoin price analysis suggests that bearish price action will follow later today, as the bears attempt to break through the $31,000 support level again. As a result, we will likely see new lows today, with the bears focused on the $29,000 support.
Heat map for crypto-currencies. Source: Coin360
The general market has dipped into the red over the past 24 hours. Bitcoin lost 2.3% and Ethereum 3%. The dogecoin (DOGE) was one of the worst performers with a loss of 7.4%.
Bitcoin price movement in the last 24 hours: Bitcoin prepares for new lows
BTC/USD traded in a range of $31,100.67 to $32,058.44, indicating moderate volatility. Trading volume increased 19.26% to $23.5 billion. Meanwhile, the total market capitalization is $583.4 billion, representing a market dominance of 45.94%.
Chart four hours BTC/USD: BTC tests again $31,000 support
On the 4-hour chart, we see that bitcoin is looking to break through the $31,000 mark tonight after some rejection.
Four-hour chart of BTC/USD. Source: TradingView
Overall, the market has traded with strong downward momentum in recent weeks. After BTC/USD peaked around $36,500, several lower highs were made and a clear downtrend line was formed.
Moreover, from the last three lows in June and July, the support line of the uptrend at 8. July confirmed. The bitcoin price thus formed a symmetrical triangular configuration from which the market emerged on the 13th. The month of July began.
This development in price action suggests that the bears have regained control of the situation and we can expect further declines in the coming days. The price of bitcoin has indeed fallen in recent days and last night reached a support level of $31,000.
After initially rejecting further declines, BTC/USD made a small move up towards the $32,000 mark earlier in the day. Since then, bitcoin has fallen back and is currently trying to break back through the $31,000 support level. This is expected to lead to a further decline in bitcoin today, with the next major support target being around $29,000.
Bitcoin price analysis: Supplement
Today’s bitcoin price analysis is bearish as the market declines after retesting the $33,000 level earlier this week. Therefore, we expect BTC/USD to break out downwards today and hit the next major support at $29,000 over the weekend.
While you wait for bitcoin to break the $31,000 mark, read our long-term price predictions for BitTorrent, Uniswap and Siacoin.
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