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  • Bitcoin Price Analysis: Bitcoin breaks its previous low of $ 56,000 and drops 10%

Bitcoin Price Analysis: Bitcoin breaks its previous low of $ 56,000 and drops 10%

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is bullish for today.
  • BTC / USD fell below $ 56,000 support.
  • $ 54,000 support found.

Bitcoin price analysis is bullish today because we can see an improvement in the last 24 hours after reaching the $ 54,000 mark. Therefore, BTC / USD has set a new low and is ready to follow some of the losses later today.

Bitcoin Price Analysis: Bitcoin broke its previous low of $ 56,000, down 10%.
Thermal map of digital currencies. Source: Coin360

In general, the crypto market has seen a strong return to selling pressure in the last 24 hours. Bitcoin, the market leader, fell 6.53 percent, while Atrium lost 8.06 percent. Meanwhile, other top altcoins have seen worse results.

Bitcoin price movement in the last 24 hours: Bitcoin reaches $ 59,000 and decreases by 10% in less than a day.

BTC / USD traded in the range of 53625.21 to 59367.97 dollars, which shows strong fluctuations in the past 24 hours. Trading volume increased by 24.1% to a total of $ 43 billion, while the total market value was about $ 1 trillion, which led to a market dominance of 41.77%.

Bitcoin / Dollar 4-Hour Chart: Bitcoin is supported around $ 54,000

In the 4-hour chart, we can see that the recovery trend for the price of Bitcoin is starting to increase, as in the last few hours a further drop below $ 54,000 was passed.

Bitcoin Price Analysis: Bitcoin breaks its previous low of $ 56,000 and drops 10%
4-hour chart BTC / USD. Source: TradingView

The price of bitcoin has been declining for several weeks in recent days. After setting a new record of $ 69,000 on November 10, it fell sharply to $ 56,000 on November 19.

Reaction to $ 60,000, followed by the highest low. On Monday, selling pressure returned and the Bitcoin / US dollar hit a low of $ 56,000. After several attempts to break lower, which forms a merger, no further decline was seen.

From there, the bitcoin price hit just above $ 59,000 yesterday before starting to move lower. The previous low of $ 56,000 was broken by morning, pushing BTC / USD to a new low of around $ 54,000, where buying pressure began to return.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as we expect it to recover after a strong jump to $ 54,000 today. As buying pressure returns, we expect Bitcoin / US dollars to fall in price over the next 24 hours as it hits a new low.

While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.