TL; DR failure
- Bitcoin price analysis is declining today.
- BTC / USD reached its highest level at $ 66,000.
- It will most likely lead to a return.
Bitcoin price analysis is declining today because we are seeing a decrease in buying pressure after a sharp increase in the last 24 hours. Therefore, BTC / USD is to be pursued again, as a new higher lower must be set before further bullish testing.
The general market has seen a return of uptrend over the past 24 hours. Bitcoin performed strong at 6.56%, while Atrium grew 2.96%. Crypto.com Chain (CRO), meanwhile, has the best performance with an increase of almost 18%.
Bitcoin price movement in the last 24 hours: Bitcoin crosses the previous highest level with the return of strong upward movement
BTC / USD traded in the range of 61,782.49 to 66,433.55 $, which shows significant fluctuations in the last 24 hours. Trading volume increased by 28.76% to a total of $ 34 billion, while the total market value was about $ 1.24 billion, which led to a market dominance of 43.45%.
4-hour Bitcoin / Dollar Chart: Bitcoin drops around $ 66,000
In the 4-hour chart, we can see the bitcoin price slow down in the last hours after reaching the $ 66,000 mark, which indicates that the correction trend may occur in the next 24 hours.
Bitcoin price movements have seen a slight movement in recent weeks. After a strong new record high of $ 67,000 on October 20, a strong correction reached $ 58,000.
BTC / USD traded the rest of October mainly between the $ 60,000 support and the $ 63,000 resistance until it rose above $ 64,000 on November 2. What followed was a final test of the $ 60,000 support before a much stronger pressure began.
Overnight, the price of Bitcoin crossed the $ 64,000 mark and rose further in the morning to reach the $ 665,500 mark. The BTC / USD is currently trading around $ 66,000 as it prepares to move again, hitting a new low before seeing a further uptrend over the weekend.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today because we can see a reduction in buying pressure after reaching the $ 66,000 mark earlier today. BTC / USD will probably have to move again and set another lower level before breaking the previous high of $ 67,000.
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