Bitcoin Price Analysis: BTC still holds $31,000, set to break down today?

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  • BTC moved sideways overnight.
  • Support around $31,000 still holds.
  • Next target around $30,000.

Bitcoin price analysis is bearish for the next 24 hours as bears have built up momentum above the $31,000 support over the past hours. Therefore, we expect BTC/USD to move towards the $30,000 major price level next and drop another 4-5 percent.

Bitcoin Price Analysis: BTC still holds $31,000, set to break down today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with slightly bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have remained flat, with a gain of around 0-1 percent. Rest of the top altcoins trade with a worse performance of around 1-3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin still holds $31,000 support

BTC/USD traded in a range of $31,100.67 – $32,218.41, indicating mild volatility. Trading volume has decreased by almost 10 percent and totals $21.2 billion. The total market capitalization trades around $588.7 billion, resulting in market dominance of 46.36 percent.

BTC/USD 4-hour chart: BTC targets $30,000 next

On the 4-hour chart, we can see the Bitcoin price action consolidating over the last 24 hours in preparation for further downside over the weekend.

Bitcoin Price Analysis: BTC still holds $31,000, set to break down today?
BTC/USD 4-hour chart. Source: TradingView

The overall market trades with a mild bearish momentum over the past weeks after a failure to reach further highs at the end of June. BTC/USD set a clear lowe thigh around $36,000 on the 5th of July and saw a further decline since then.

A symmetrical triangle pattern was formed from the increasingly lower highs and higher lows, indicating indecision in the market. A strong break lower was seen on the 13th of July, sending signals to bears that further downside is expected.

This breakout was followed by a rally to retest the $33,000 mark and a further drop from there. BTC/USD quickly reached the $31,000 support yesterday and started consolidating around the area, indicating that bears are building pressure to push the market even lower later this weekend. The base above $31,000 should lead Bitcoin price towards another push lower, with the next target around $30,000.

Conclusion 

Bitcoin price analysis is bearish for the next 24 hours as the market continues setting lower highs and has built up a base above $31,000. Therefore, we can expect BTC/USD to break lower and reach the $30,000 support over the weekend. 

While waiting for Bitcoin to move lower, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Source: cryptopolitan.com

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