TL; DR failed
- Bitcoin price analysis is bullish today.
- Bitcoin / US Dollar continues to support $ 54,000.
- The closest resistance is at $ 56,000
Bitcoin price analysis is bullish today as we expect a correction after failing to reach a further decline in the last 24 hours. Thus, the BTC / USD is set to offset some of the losses seen on Friday, with the closest resistance to the previous support of $ 56,000.
In general, the market has been declining over the past 24 hours. Market leaders Bitcoin and Atrium are both in the red with losses of 0.98 and 1.02 percent. Terra (LUNA) is one exception with a more than 5% increase.
Bitcoin price movement in the last 24 hours: Bitcoin has stabilized above $ 54,000
BTC / USD traded in the range of 53,806.36 to 55,223.47 $, which shows slight fluctuations in the last 24 hours. Trading volume fell 24.84 percent to $ 24.4 billion, while the total market value was about $ 1 trillion, leading to a market dominance of 41.79 percent.
4-hour chart BTC / USD: Does bitcoin seem to be reversing?
In the 4-hour chart, we can see that the price of Bitcoin is not moving lower and will probably lead to a retreat in the next 24 hours.
The price of Bitcoin has seen a decline in the previous week. After falling sharply to $ 56,000 last week, support was tested again earlier this week.
The Bears could not reach the bottom, resulting in a merger on Tuesday. From there, BTC / USD rose to record another high, around $ 59,000, before falling again.
This time, the $ 56,000 support failed and led to the next support at $ 54,000. However, since then, the price of bitcoin has stabilized close to the bottom, because the market has no decision on where to go. The most likely scenario is to return to the previous lowest level, as the bears are likely to be exhausted after a strong sell-off on Friday.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today, as we expect to see more bullish action later today after $ 54,000 support prevented further declines in the past 24 hours. Thus, the Bitcoin / US dollar could see $ 56,000 support as resistance today.
While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.