Bitcoin kainų analizė: BTC greitai išauga iki 34,500 XNUMX USD, o paskui sekti?

Bitcoin price analysis is bullish today as we expect recovery to follow after another spike lower overnight leading to the next support at $34,500. Therefore, bears should be exhausted, and BTC/USD move for a significant retracement.

The market has dropped even further over the last day. The leader, Bitcoin, lost 4.03 percent, while Ethereum a more substantial 5.65 percent. Meanwhile, Terra (LUNA) is the worst performer, with over 11 percent loss.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates after another push lower

BTC/USD traded in a range of $34,545.39 – $35,993.05, indicating strong volatility over the last 24 hours. Trading volume has increased by 45.08 percent, totaling $36.2 billion, while the total market cap trades around $657.3 billion, resulting in market dominance of 41.47 percent.

BTC/USD 4-hour chart: BTC prepares to retrace?

On the 4-hour chart, we can see Bitcoin price action consolidating above $35,500 so far today as bulls likely are ready to take over control overnight.

Bitcoin price action failed to reach further downside earlier this week as the $37,500 mark offered strong support. A higher local high was set above $39,000 on 4 May 2022, indicating that bulls are taking over the momentum.

However, a quick reversal followed fast. BTC/USD broke past the $37,500 mark on Thursday and pushed as low as the $35,500 mark. From there, consolidation followed for more than a day before another spike lower was seen overnight.

This time, the $34,500 mark offered support. Since Bitcoin price has lost over 14 percent since the last high, we expect sellers to be exhausted and reversal to soon follow.

Once BTC/USD begins to retrace, the most obvious resistance level to be reached is the $37,500 previous major support. From there, BTC will likely continue declining later this month. 

Bitcoin kainų analizė: išvada 

Bitcoin price analysis is bullish today as we have seen a strong drop lower again over the last 24 hours and the next support at $34,000 almost reached. Therefore, BTC/USD sellers are likely exhausted, and retracement should begin early next week. 

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