The Bitcoin price has been on a steady climb, and just this week it has passed the $35,000 mark. As we all know, Bitcoin was created by an anonymous person or group of people who go by the name Satoshi Nakamoto. The rise in Bitcoin price is due in part to the fact that many people have been buying Bitcoin as a store of value, rather than a means of exchange. This has led to a surge in the number of BTC available for purchase, which in turn has pushed up the price.
Bitcoin has had a wild ride this year, with various price bubbles and crashes. Despite that, though, the cryptocurrency has broken through the $35,000 barrier for the first time. That may not seem like a huge milestone, but it indicates that the world’s most popular digital currency isn’t slowing down. And, as it happens, it’s about to break past even more new heights soon.
With just a few days left until bitcoin reaches its two-year anniversary, and bitcoin cash just released its own version of bitcoin for miners, it seems like a good time to take a look at the state of bitcoin and what it may do in the near future. As of writing this, bitcoin is valued at $35,020 USD, down ~5% in the past 24 hours, having started the day at a little over $37,000. One of the largest factors that may determine bitcoin’s price in the coming weeks is the vote on SegWit, which will happen on Aug. 1, 2017. If the network effects are strong enough, this may prevent a hard fork if the miners are not satisfied. If SegWit passes. Read more about bitcoin price analysis and let us know what you think.Summary of the situation
- Yesterday, the BTC moved sideways.
- The market broke through the resistance level today.
- The next goal for bitcoin is $37,500.
Bitcoin price analysis is bullish today as the market has resumed its upward movement after dropping below the $35,000 resistance level yesterday. Therefore, we can expect BTC/USD to hit the next resistance at $37,500 in the next 24 hours.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has traded in the green for the past 24 hours. Bitcoin is up nearly 6% and Ethereum is up just over 10%. VeChain was one of the best performers, up 16%.
Bitcoin price movements in the last 24 hours
BTC/USD traded in a range of $34,017 to $36,324, indicating high volatility. Trade volume rose 7.4% to $37 billion. With a total market capitalization of approximately $680.7 billion, the market dominance is 46.3%.
Chart 4 hours BTC/USD – BTC exceeds $35,000
On the 4-hour chart, we can see that the price of bitcoin has continued to rise over the past few hours, with the bulls finally breaking through the $35,000 resistance level.
Four-hour chart of BTC/USD. Source: TradingView
The overall trend in bitcoin prices has remained largely bearish in recent weeks. After BTC/USD was traded on the 15th. After June hit a higher top around $41,000, the market began to pull back until support was found around $29,000.
There was a strong rejection of the $29,000 support level for further declines, and BTC/USD was heading towards $35,000. BTC fell again last week, this time to a low above $30,000.
This was followed by strong upward movement yesterday, leading to a consolidation below the previous high of $35,000. When the price of bitcoin didn’t drop, the bulls took control and pushed the market above the $35,000 mark.
As a result, we currently see BTC/USD heading towards the $37,500 level, which has previously acted as strong support. Moreover, a higher local high has been established, which means that the market structure is becoming increasingly bullish again. This should lead to a further increase in prices in July.
However, bitcoin is expected to set a strong high around $37,500 and then pull back to set a second lower. Once this happens, we can expect BTC/USD to head towards its previous all-time high of $65,000.
Bitcoin price analysis: Supplement
Bitcoin price analysis for the next 24 hours is bullish as the market has broken through the $35,000 resistance level and will soon reach the $37,500 resistance level. After hitting resistance at $37,500, we can expect another pullback later this week.
While we wait for the return of bitcoin, read our guides on the benefits of DeFi, bitcoin costs and what you can buy with 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.
bitcoin price analysiswhen was bitcoin at its lowestwhy did bitcoin spikebitcoin all time chart,People also search for,Privacy settings,How Search works,bitcoin price analysis,when was bitcoin at its lowest,why did bitcoin spike,bitcoin all time chart