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Bitcoin Price Analysis: Bitcoin Increases to $ 59,000, Should a Quick Reverse Be Followed?

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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD saw support at $ 56,000 yesterday.
  • The lower price is likely to be around $ 59,000.

Bitcoin price analysis is declining today as we expect another high price to rise around current price levels after a steady improvement over the past 24 hours. Bitcoin / US dollar should continue to decline and test the support of $ 56,000 again by the end of the week.

Bitcoin Price Analysis: Bitcoin Increases to $ 59,000, Should a Quick Reverse Be Followed?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market saw upward growth today, with Bitcoin up 4.37% and Atrium up 6.18%. The rest of the top altcoins follow, and Avalanche (AVAX) leads with more than a 12% increase.

Bitcoin price movement in the last 24 hours: Bitcoin improves after re-testing the support of $ 56,000

BTC / USD traded in the range of 55964.22 to 58882.06 dollars, which shows significant fluctuations in the past 24 hours. Trading volume increased by 3.95% to $ 35.15 billion, while the total market value was about $ 1.1 trillion, which led to a market dominance of 41.71%.

4-hour BTC / USD chart: The current BTC is testing $ 59,000

In the 4-hour chart, we can see the price of Bitcoin rise to $ 59,000, where selling pressure could return later today as bears seek another lower price.

Bitcoin Price Analysis: Bitcoin rises to $ 59,000, then reverses?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin gained strong support this week at $ 56,000. After falling from $ 69,000 in the middle of the month, support was first obtained on November 19.

The return was followed by $ 60,000, and before the return on selling pressure, it recorded a higher, lower clear. Over the weekend, Bitcoin / US dollars slowly returned to $ 56,000, with a small consolidation on Monday.

After several attempts to break the price of bitcoin, the price of bitcoin started to move late yesterday. Currently, Bitcoin / US Dollars have reached the $ 59,000 mark, which is the area where, given the current market climate, another high or lower price is likely to be recorded in the next 24 hours. Therefore, we will probably see a decrease in BTC testing again by the end of the week.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because we do not expect much increase after a steady correction in the last 24 hours of the $ 56,000 mark retest. BTC / USD is likely to record another low, before finally reaching below the current level and continuing the downtrend for a few weeks overall.

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