Bitcoin (BTC) Price Analysis: Is the Effort Enough to Reach $35,000?

The cryptocurrency market has slightly recovered after yesterday's drop, however, not all coins are in the green zone. XRP is the main loser, falling by 3%.

The total market capitalization has been affected by the drop and its index has dropped by around $20 billion.

The relevant data for Bitcoin today:

• Name: Bitcoin

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• Ticker: BTC

• Market Cap: $596,604,774,871

• Price: $32,245.59

• Volume (24h): $89,237,999,865

• Change (24h): 1.32%

The data is relevant at press time.

BTC/USD: Is yesterday's drop the last one before $50,000?

Yesterday morning, the Bitcoin (BTC) price rolled back to the support at $34,000, but this level could not stop the onslaught of bears. In the afternoon, the pair were already testing the support at $32,600.

In the afternoon, sellers broke below $32,000, and tonight a strong bearish momentum pierced the psychological level of $30,00, setting a local low around $29,760.

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This morning the pair has recovered above the psychological level of $30,000, and if buyers can gain a foothold above this level, consolidation is possible in a sideways range with resistance at $32,600. However, if sales volumes continue to grow, then the pullback will reach the level of $28,000.

On the 4H chart, Bitcoin (BTC) is likely to restest the local resistance at $33,770 as part of a correction move. Thus, there is a high concentration of liquidity there.

On the daily time frame, a further decline is still possible as the area where most of the volume is focused ($23,000-$26,000) has not been tested yet. Moreover, the lines of the MACD indicator are in the red zone, which confirms the local bearish trend.

Bitcoin is trading at $32,395 at press time.