TL; DR failure
- Bitcoin price analysis is declining.
- Bitcoin / US Dollar is above the previous highest price of $ 63,000.
- More corrections are likely to be needed before return.
Bitcoin price analysis shows that the downtrend is looking for a further decline below the current support level of $ 63,000. Therefore, we expect the Bitcoin / US dollar to reach its lowest level later today and seek to lower the level above $ 60,000.
Despite the 0.07% decline in bitcoin, the digital currency market has seen a major uptrend over the past 24 hours. Atrium is up 2.99 percent, while top altcoins like Solana, Cardano and Ripple are up 7 to 13 percent.
Bitcoin price movement in the last 24 hours: Bitcoin stabilized above $ 63,000 after reaching $ 64,300
BTC / USD traded in the range of 62668.74 to 64242.79 $, which shows slight fluctuations in the last 24 hours. Trading volume fell 5.55% to a total of $ 33.98 billion, while the total market value is $ 1.19 trillion, which led to a market dominance of 43.39%.
Bitcoin / US Dollar 4-Hour Chart: Should Bitcoin move even faster before climbing further?
In the 4-hour chart, we can see the price of Bitcoin stabilize above $ 63,000, which will probably lead to a breakdown later today.
Bitcoin price movements have seen a decline in recent weeks. BTC / USD dropped to $ 58,000 after the new high was set at $ 67,000 on October 20.
Since then, the BTC / USD has formed a rally below the $ 63,000 resistance and the $ 60,000 support. After another test of support on November 1, a clearly higher failure was observed on November 2.
This time the price of Bitcoin reached $ 64,300. The recovery process followed yesterday and continued overnight, with the previous high of $ 63,000 acting as support. However, a deeper correction is likely to be needed before another strong upward pressure is observed, meaning that further downturns can be expected in the next 24 hours.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bearish as we are likely to see $ 63,000 break in support as deeper corrections are needed before further uptrend. Therefore, BTC / USD is likely to go even lower, seeking to set a low above $ 60,000.
As you wait for more bitcoin to move, read our guide to NFT, Gemini Exchange Review and Sunacrip tokens.