TL; DR failed
- Bitcoin price analysis is bullish today.
- BTC / USD fell overnight.
- Nearest support at $ 63,000.
Bitcoin price analysis is bullish today as another re-test of $ 63,000 support is likely to reverse in the next 24 hours. Therefore, we expect the BTC / USD to raise another low before moving up again.
The digital currency market has been trading mostly in the red for the past 24 hours. Bitcoin fell 1.61 percent, while Atrium fell 2.19 percent. Solana (SOL), meanwhile, has the worst performance with a loss of about 5.8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin stabilized around $ 65,000, fell again
BTC / USD traded in the range of 63,334.05 to 65,460.81 $, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 25 percent to a total of $ 37.14 billion, while the total market value was about $ 1.2 trillion, leading to a market dominance of 43.35 percent.
4-hour Bitcoin / Dollar Chart: Bitcoin is supported above $ 63,000
In the 4-hour chart, we can see the price of Bitcoin fall again today after yesterday’s aggregation. The $ 63,000 mark continues to provide strong support, which is likely to lead to a reversal later today.
The price of Bitcoin rose sharply earlier this week, reaching a record high of $ 68,550 early Tuesday. After a short correction, the second uptrend test was followed on Wednesday, which led to a doubling uptrend.
Since then, the Bitcoin / US dollar has fallen sharply to $ 63,000 previously converted support, with a clear decline for further decline. Bitcoin reacted quickly to $ 65,000, where integration followed yesterday.
However, the downtrend resumed earlier today, bringing the price of Bitcoin back to $ 63,000. Now, with the return of buying pressure over the past few hours, we can see the rejection of support again. We will likely see the bitcoin / dollar trend continue over the next 24 hours to prepare for the next big growth.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today as we expect $ 63,000 to prevent further declines leading to another price drop. Therefore, BTC / USD should reverse within the next 24 hours and return to the $ 65,000 accumulation.
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