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Bitcoin price analysis indicates bearish pressure for the next 24 hours as another lower high was set yesterday, and the market returned to the $31,000 support overnight. Therefore, we expect BTC/USD to make another push to the downside later this week to try to reach the $30,000 mark next.
On the 4-hour chart, we can see the Bitcoin price consolidating sideways over the last days as bears prepare to push to $30,000 next.
Bitcoin price structure trades with a clear bearish sentiment over the last weeks. After BTC/USD made a strong push lower in the second half of June, strong support was established at around $29,000.
From the $29,000 support, BTC/USD quickly rallied to the $35,000 mark first, and after some pause, to the $36,500 mark next, where a new several week lower high was set. What followed was a steady decline lower over the following weeks with clear lower lows set.
This price action development should lead BTC/USD towards further downside later this week below the $31,000 support and towards the $30,000 mark next. Bitcoin price analysis is bearish for the next 24 hours as the market moves away from the $32,500 local lower high and prepares for another push lower. Therefore, we expect BTC/USD to break lower over the upcoming days and reach the $30,000 support next.
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