TL; DR failed
- Bitcoin price analysis is bullish today.
- Bitcoin / US Dollar backed $ 63,000 again.
- The upward movement returns slowly.
Bitcoin price analysis is bullish today because yesterday we saw another decline to further fall below the $ 63,000 mark. Thus, the Bitcoin / US dollar is likely to rise again and the next area will be targeted at $ 65,000.
The whole market traded more in green in the last 24 hours. Bitcoin grew 0.84% and Atrium 1.35%. Meanwhile, the rest of the top altcoins have increased by 2 to 4 percent.
Bitcoin price movement in the last 24 hours: Bitcoin went below $ 63,000 after a rapid jump.
BTC / USD traded in the range of 62,333.91 to 64,441.69 $, which shows slight fluctuations in the last 24 hours. Trading volume fell 14.83 percent to a total of $ 31.36 billion, while the total market value was about $ 1.21 trillion, which led to a market dominance of 43.44 percent.
Bitcoin / US Dollar 4-Hour Chart: Is Bitcoin Ready to Climb Again?
In the 4-hour chart, we can see the price of Bitcoin currently hovering above $ 63,000, which is likely to lead to a higher move later today.
The price of bitcoin has been declining over the past few days. Following a strong jump early Monday, BTC / USD hit a new all-time high of $ 68,550 a day later.
After some correction, the resistance was tested again on Wednesday, creating a doubling pattern before a sharp drop. BTC / USD lost about 8% until support was found at $ 63,000.
From there, the reaction pushed the price of Bitcoin above $ 65,000. After a period of stabilization, the downtrend returned, leading to a drop to $ 63,000 again. Since the downtrend was reversed again, we expect the Bitcoin / Dollar to rise above that and probably move above the $ 65,000 resistance.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is bullish today as we expect it to follow a higher bullish trend after re-testing the $ 63,000 support yesterday. BTC / USD is likely to move above $ 65,000 in the future as resistance was seen earlier this week.
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