TL; DR failed
- Bitcoin price analysis is declining today.
- BTC / USD continued to reach its highest level.
- The $ 56,000 support has now been re-tested.
Bitcoin price analysis is bearish today, as we expect a further bearish trend after today, after a higher, lower price was recorded yesterday. The BTC / USD is likely to break the $ 56,000 support, which would mean a much further decline over the course of the week.
The market has seen more downtrends in the last 24 hours. Market leader Bitcoin fell 2.29 percent, while Atrium lost 1.06 percent. Crypto.com Coin (CRO), meanwhile, continues to dominate with an increase of more than 18%.
Bitcoin price movement in the last 24 hours: Bitcoin reached its highest level and returned to $ 56,000
BTC / USD traded in the range of 56,109.26 to $ 57,875.52, indicating slight fluctuations in the past 24 hours. Trading volume fell 7.55 percent to $ 33.8 billion, while the total market value was about $ 1 trillion, leading to a market dominance of 41.66 percent.
Bitcoin / Dollar 4-Hour Chart: Does Bitcoin Look Lower?
In the 4-hour chart, by re-testing the $ 56,000 support, we can see a still strong downward trend in Bitcoin price action.
After a strong start to November, when the price of Bitcoin peaked at $ 69,000, a sharp reversal began the current downtrend on November 10. Bitcoin / US dollar has since reached almost its current low of 20%, at $ 56,000.
The following reaction brought the highest price to $ 60,000 before the bears regained power. On Monday, we saw a re-test of BTC with a rejection of $ 56,000, which was for further decline.
Another lower price was recorded yesterday at around $ 58,000, which indicates that the price of bitcoin is effectively traded in higher ranges. The bottom fixation is now being re-tested, which will potentially lead to failure in the next 24 hours.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is down today as we expect $ 56,000 to be tested again at around $ 58,000 after yesterday’s price drop. We will most likely see a decrease in BTC / USD and eventually record another lower.
While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.