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Bitcoin Price Analysis: Bitcoin is still below $ 56,000, is the bigger correction coming slowly?

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis is declining today.
  • BTC / USD broke the $ 56,000 resistance again yesterday.
  • Bitcoin is likely to retreat further before a further uptrend is seen.

Bitcoin price analysis is down today because another decline was seen in the last 24 hours. Therefore, we expect the BTC / USD to move again even before we see further uptrend.

Bitcoin Price Analysis: Bitcoin is still below $ 56,000, is the bigger correction coming slowly?  1
Encrypted currency heat map Source: Coin360

The general market traded slightly lower in the last 24 hours. Bitcoin, the market leader, fell 0.18% and Atrium 0.31%. Meanwhile, Shiba Inu (SHIB) has improved significantly by 23% and has the best performance.

Bitcoin price movement in the last 24 hours: Bitcoin again broke the $ 56,000 resistance

BTC / USD traded in the range of $ 53,735.14 – $ 55,285.95, which shows a slight fluctuation over the past 24 hours. Trading volume fell 15.59 percent to a total of $ 32.25 billion, while the total market value was trading at about $ 1.04 billion, resulting in 44.82% market dominance.

4-hour chart BTC / USD: BTC looking to restart?

In the 4-hour chart, we see that the price performance of Bitcoin has not reached its highest level, which indicates an improvement in the future.

Bitcoin Price Analysis: Bitcoin is still below $ 56,000, larger input corrections?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price performance has seen a sharp rise in October so far. After accumulating more than a week at around $ 41,000 at the end of September, the uptrend started on October 1.

Initially, BTC / USD reached its previous key resistance of $ 48,500. Following the consolidation, another increase began earlier this week, pushing Bitcoin to its all-time high of $ 56,000.

However, the cows have since tried to climb further, as another rejection for further climbing was observed on 8 October. Today, the price of Bitcoin is looking to rise again, which will probably lead to another comeback over the weekend.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bearish in the next 24 hours because another decline was seen in the last 24 hours. Therefore, we expect the BTC / USD to move again before seeing further uptrend.

As you wait for more bitcoin to move, read our guide to the best NFT markets, NFT history and development, as well as NFT music.

Disclaimer. The information provided is not a commercial recommendation. Ramzifa.ir is not responsible for the investments made based on the information provided on this page. We strongly recommend independent research and / or consultation with a qualified professional before making an investment decision.