Home Cryptocurrency Bitcoin Price Analysis: BTC tests $41,000 previous swing high, bears to prevent further upside?

Bitcoin Price Analysis: BTC tests $41,000 previous swing high, bears to prevent further upside?

by Gordon James

The first half of June has been a turbulent month for Bitcoin. The price action has been led by whales, who have recently taken profits from long positions. The whales have been selling to lock in profits after an uptrend driven by rich Chinese traders. As the bears reverse this trend, we expect a price correction to the $41,000 swing high to prevent further upside.

The top of the 1 hour chart shows the crypto markets continue to test the $41k mark. We can see that the $42.5k swing high represents a ~23.5% retracement of the ~26% drop from ~$89k to ~$42.5k, which is also the ~49% retracement of the ~84% drop from ~$5k to ~$1.5k.

Bitcoin has been on a downward spiral since reaching its all-time high at the end of last year. The cryptocurrency is now trading below its 100-day moving average, and is currently hovering below the mark set in late-May, the same level it was last seen trading at in December, according to Coinbase.. Read more about bitcoin news and let us know what you think.

TL;DR Summary

  • BTC has retraced to a support level of $36,500.
  • The next level of resistance was $41,000.
  • The market is expected to turn downward once again.

The last big swing high of approximately $41,000 will be challenged for the second time in the next 24 hours, according to Bitcoin price research. As a result, we anticipate BTC/USD to retrace lower and begin reverting to the negative again until a clear breakthrough is witnessed in the next hours.

Heat map of cryptocurrencies. Coin360 is the source of this information.

Over the past 24 hours, the cryptocurrency market has been in the green. Bitcoin has gained 5.5 percent, while Ethereum has gained 0.16 percent. Ripple (XRP) has risen by 11% and is one of the top performers in the market.

Bitcoin price movement in the past 24 hours: Bitcoin once again challenges the $41,000 barrier.

BTC/USD moved in a range of $37,439.40 to $40,816.07 in the past 24 hours, suggesting significant volatility. The overall trading volume has dropped by 3.87 percent to $38.9 billion. Meanwhile, the entire market capitalization is approximately $761.8 billion, giving it a 48.4 percent market share.

4-hour chart of BTC/USD: Is BTC preparing for a reversal?

Bitcoin price movement is hitting the $41,000 barrier for the second time this week on the 4-hour chart, with indications of fatigue for additional upward.

Bitcoin Price Analysis: BTC tests $41,000 previous swing high, bears to prevent further upside?4-hour chart of BTC/USD. TradingView is the source of this information.

Over the last several days, the price of bitcoin has moved with a tremendous amount of momentum. After testing a prior significant support level of approximately $29,500 on July 20th, BTC/USD rebounded to a previous big swing high of $41,000 on Monday, but was denied further upward.

BTC then retraced to retest the prior barrier of $36,500 as a support, gaining impetus for another push higher. BTC/USD began to rise again yesterday, reaching the $41,000 barrier level early today. 

Currently, the $41,000 level is being challenged again, with a slightly local high being established. Any subsequent effort will, however, be met with a lot of selling pressure. As a result, BTC/USD is expected to fall later today, possibly reversing the majority of the 35 percent increase witnessed in recent days later this week.

Conclusion of the Bitcoin Price Analysis 

For the next 24 hours, bitcoin price analysis is negative as prior resistance around $41,000 is retested for the second time. As a result, we anticipate BTC/USD respecting barrier and moving lower later today to test prior support levels.

While you’re waiting for Bitcoin to drop, check out our tutorials on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Bitcoin continues to test the $41,000 swing high line, and with the failure to break out yesterday, the bears are already starting to prevent upside. BTC is currently consolidating in the $40K-$42K range, with no sign of a bullish breakout. On the 4 hour time frame, the price is trading at $40,150, which is 61% below the $82K swing high and on its way back to the $50K swing low from the January high. The Relative Strength Index is stooping at 52.05, which means the price is now in a bearish channel and has to break out to the upside to prevent a further decline.. Read more about dogecoin price and let us know what you think.

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This article broadly covered the following related topics:

  • btc price usd
  • bitcoin price history
  • btc price
  • bitcoin news
  • bitcoin price prediction

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