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  • Bitcoin Price Analysis: Bitcoin drops another 8% and is supported at $ 56,000

Bitcoin Price Analysis: Bitcoin drops another 8% and is supported at $ 56,000

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD dropped further overnight to $ 56,000.
  • Bitcoin is now reducing some losses.

Bitcoin price analysis is declining today because we expect the current higher reaction not to continue for long. The BTC / USD is likely to reverse at $ 58,000 before continuing the downtrend.

Bitcoin Price Analysis: BTC drops another 8%, gaining support at $ 56,000.
Thermal map of digital currencies. Source: Coin360

The overall market has moved in the last 24 hours with different results. Bitcoin fell 2.83 percent, while Atrium rose 0.35 percent. Loopring (LRC), meanwhile, has the highest performance with an increase of more than 16%.

Bitcoin price movement in the last 24 hours: Bitcoin improves after falling to $ 56,000

BTC / USD traded in the range of 55,705.18 to 59,673.46 $, which shows strong fluctuations in the last 24 hours. Trading volume increased by 23.59% to a total of $ 43 billion, while the total market value was about $ 1.083 trillion, which led to a market dominance of 42.51%.

4-hour Bitcoin / Dollar Chart: Bitcoin returns at $ 58,000

In the 4-hour chart, we can see the price of Bitcoin right now, which with a resistance of $ 58,000 is likely to decline later today.

Bitcoin Price Analysis: Bitcoin drops another 8% and is supported at $ 56,000
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin has been declining in recent weeks after setting a new all-time high of $ 68,550 on November 9th. The next day, the sharp drop fell to the previous resistance of $ 63,000.

After a few days of stabilization and a slight increase to $ 66,000, another sharp drop followed. Bitcoin / US dollar reached $ 59,000 in less than a day and merged about $ 60,000 from there.

No recovery was sought because the downtrend returned yesterday. This time, the Bitcoin price action reached $ 56,000, meaning another strong low was set. Since then, improvement has been visible, with the $ 58,000-59,000 area likely to show resistance.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is down today because we expect the current recovery to be short-lived as the $ 58,000 resistance is near. Therefore, the Bitcoin / US dollar should decline over the next 24 hours as the overall market structure remains very downward.

While you wait for Solana to move, see our guide to the best cryptocurrency exchanges, how to extract classic bitcoins and cardanos against bitcoins.