10 Jun Bitcoin price analysis: Bitcoin spikes to $31,000, set to retrace to $35,000
Bitcoin has had a volatile year so far, with one major spike in price in early December. Bitcoin’s price ended 2017 at $13,000, and before that it had been mostly in the $10,000 range. However, after a major correction in October and November, Bitcoin’s value jumped to $17,000 or so in December, and then started plummeting again. Now, having peaked at a high of $31,000 at the end of last week, Bitcoin’s price is now slowly falling. It’s bound to be a roller coaster ride until the end of the year, and even then it could still be a massive price swing.
The price of bitcoin has increased by 35% in a day and is currently sitting at $31,000. This is the highest price since January 2017 and its set to retrace to $35,000-40,000. We have updated our Bitcoin price forecast to reflect this.
Bitcoin had a great week. After falling to a low of $25,000 last Friday, it is now trading at $31,000 (around 6.5% gain). It is trading in the $31,000 range because of an increase in trading volume of Chinese and Korean investors. This increase has been attributed to the G20 meetup on July 7th, where it was agreed that Bitcoin would be made legal in the country.. Read more about bitcoin price prediction and let us know what you think.Summary of the situation
- BTC rose overnight.
- The next resistance is at $35,000.
- The market is generally down.
Bitcoin’s price analysis for today is bullish, as the market hit a low around $31,000 yesterday and is currently moving higher to retest previous support at $35,000. Heatmap for crypto-currencies. Source: Coin360 Overall, the market has seen mixed results over the past 24 hours. Bitcoin rose 3.45 percent and Ethereum fell 0.3 percent. The rest of the market follows this pattern of mixed results, and Solana (SOL) is one of the few exceptions, up nearly 20%.
Bitcoin price movements in the last 24 hours
BTC/USD traded in a range of $31,114 to $34,492, indicating moderate volatility over the past 24 hours. Trading volume rose 12% to $47.9 billion. The total market capitalization is $639 billion, representing a market dominance of 41.88%.
4-Hour Chart BTC/USD – BTC has risen to $35,000
On the 4-hour chart, we can see that the momentum of the bitcoin price changed overnight, as a new swing low was established yesterday. Four hourly chart BTC/USD. Source: TradingView The market as a whole continues to move in a downtrend, with a further downward push in recent days. However, there were signs of recovery in recent weeks as the market was unable to move lower and support was found at $30,000 in mid-May. The bitcoin price has not hit a new low since then, suggesting that the bears have run out and that a reversal of the general trend that has been underway for several weeks can be expected before the end of the month. Moreover, BTC/USD has been trading in an increasingly narrow range over the past week, suggesting that the bulls are gearing up for further gains throughout the month. The seventh. However, May was marked by a rapid downward movement, indicating that the market is not yet ready for an upward turn. Another low was reached around the $31,000 mark, from where bitcoin began to recover overnight. Therefore, we should expect BTC to rise further today and test the resistance zone around $35,000.
Bitcoin price analysis: Supplement
Bitcoin price analysis is bullish now that the market has established a new swing low after a strong downward push in recent days. As a result, BTC/USD is expected to recover from the losses of the past few days and reach a lower high, as the overall market price structure has turned bearish again. In anticipation of a further rise in the price of bitcoin, read our latest guides on the recent bitcoin crash, how to mine bitcoin and how to invest in bitcoin. 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.The price of bitcoin is up more than 300 percent in 2017 as investors continue to pile into the digital currency. The rally is rooted in the belief that bitcoin, the world’s most popular digital currency, can disrupt the global financial system.. Read more about bitcoin analysis today and let us know what you think.
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