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Bitcoin Price Analysis: Bitcoin peaks at $ 59,000, another drop followed?

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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD rose overnight to $ 59,000.
  • The market is preparing to reverse.

Bitcoin price analysis is bearish today as we expect another lower price to be set at $ 59,000 and Bitcoin to reverse later today. Therefore, BTC / USD is likely to move towards another sharp decline in the next 24 hours.

Bitcoin Price Analysis: Bitcoin peaks at $ 59,000, another drop followed?
Thermal map of digital currencies. Source: Coin360

The cryptocurrency market traded more green today. Bitcoin, the market leader, grew 1.12 percent and Atrium 1.76 percent. Avalanche (AVAX), meanwhile, has the best performance with an increase of more than 8%.

Bitcoin price movement in the last 24 hours: Bitcoin returned to $ 59,000 after falling from $ 56,000.

BTC / USD traded in the range of 57,604.35 to 59,040.61 $, which indicates a significant amount of fluctuations in the past 24 hours. Trading volume fell 20.88% to $ 34.3 billion. Meanwhile, the total market value is about $ 1.1 trillion, which leads to a market dominance of 42.20%.

Bitcoin / Dollar 4-Hour Chart: Is Bitcoin Looking to Fall Below $ 59,000?

In the 4-hour chart, we can see the price of Bitcoin stabilize below $ 59,000 in the past few hours, which will probably lead to a reversal later today.

Bitcoin Price Analysis: Bitcoin peaks at $ 59,000, another drop followed?  1
4-hour chart BTC / USD. Source: TradingView

After a strong start to November, the price of Bitcoin reached $ 68,550 on November 9. However, after another bullish test the next day, there was a strong reaction below $ 63,000.

Bitcoin / US dollar made another attempt to move higher late last week, reaching $ 66,000, before another sharp decline earlier this week. Initially, Bitcoin found support at $ 59,000 and fell further to $ 56,000 on Thursday.

The price of Bitcoin has not been trading in the $ 56,000 range for a long time, as a rapid recovery followed yesterday. Overnight, BTC / USD reached its previous support of $ 59,000, which has since stabilized. Most likely, it will be followed by a reversal of resistance, meaning that further downtrends will have to be tested in the coming days.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today as we expect $ 59,000 to prevent further increases. Bitcoin / US dollars are likely to fall over the next 24 hours and continue to decline overall over the next few weeks.

While you wait for Solana to move, check out our guide to the best cryptocurrency exchanges, how to extract Classic Bitcoin and Cardano vs. Bitcoin.