TL; DR failed
- Bitcoin price analysis is bullish today.
- Bitcoin / Dollar continued to support around $ 54,000 yesterday.
- The cows are currently looking to retest the $ 59,000 resistance.
Bitcoin price analysis is bullish today because we expect to have more bullish trend in the next 24 hours after further increases in the past few hours. Therefore, we expect BTC / USD to test $ 59,000 later today.
Overall, the digital currency market has seen an uptrend over the past 24 hours. Bitcoin grew 8.6 percent while Atrium grew 10.23 percent. Dogecoin, meanwhile, is up more than 15 percent today.
Bitcoin price movement in the last 24 hours: Bitcoin reached $ 58,000 overnight, now it seems to have a higher uptrend.
BTC / USD traded in the range of 53,576.74 to 57,793.31 $, which shows strong fluctuations in the last 24 hours. Trading volume increased by 34.88% to $ 32.38 billion, while the total market value was about $ 1.1 trillion, which led to a 42% market dominance.
Bitcoin / Dollar 4-Hour Chart: Bitcoin looks to test $ 59,000 again
In the 4-hour chart, we can see an upward movement that will push the price of Bitcoin up again, which will probably lead to the $ 59,000 price, which will be tested in the next few hours.
Bitcoin has continued to decline in recent weeks. After reaching $ 59,000 on November 10, sales pressure quickly returned.
It followed a further downtrend, pushing the Bitcoin / US dollar to above $ 56,000 in the second half of last week. After another record low was recorded on November 26, support was clearly broken, leading to a further drop below $ 54,000.
Over the weekend, the price of bitcoin merged around newly found support, indicating that we should see a correction this week. Overnight, a strong jump followed and reached the $ 58,000 mark. After the initial rejection for further climbing, the cows resumed the BTC / USD increase in the last few hours, potentially meaning that we could eventually see a higher increase.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today because we have seen strong progress in the last 24 hours. After a hiatus today, the BTC / USD has started to rise again, potentially breaking the $ 59,000 mark.
While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.