TL; DR failed
- Bitcoin price analysis is declining today.
- BTC / USD saw another rapid rise to $ 59,000 in the afternoon.
- The nearest support will probably be tested in the near future at around $ 56,000.
Bitcoin price analysis is bearish today as resistance at $ 59,000 for the third time this week rejected a higher uptrend. Therefore, we expect the Bitcoin / Dollar to finally see a strong lower move to continue with the overall downtrend.
With the return of selling pressure in the afternoon, the digital currency market has seen different results in the last 24 hours. Market leaders Bitcoin and Atrium are both slightly red, while Terra (LUNA) and Algorand (ALGO) are leading the market with more than 7% growth.
Bitcoin price movement in the last 24 hours: Bitcoin stabilized around $ 57,000 and reached $ 59,000 again at the end of the day.
BTC / USD traded in the range of 56679.53 to 59041.69 dollars, which shows significant fluctuations in the past 24 hours. Trading volume fell 11.54 percent to $ 34.89 billion. Meanwhile, the total market value is about $ 1.1 trillion, which leads to a 41% market dominance.
Bitcoin / US Dollar 4-Hour Chart: Bitcoin looks to be declining again
In the 4-hour chart, we can see a rapid return of the downtrend after the jump to the $ 59,000 mark, which probably means that the price of Bitcoin will test the lowest level again.
The price of bitcoin has been steadily declining over the past few weeks. BTC / USD saw strong sell-offs last Friday, hitting a new high of around $ 53500 after falling below $ 59,000.
From there, bitcoin stabilized over the weekend before moving rapidly overnight to Monday. Initially, the mark offered $ 58,000 resistance, with further increases in BTC, pushing BTC to its previous high resistance of $ 59,000 on Monday.
Since then, we have seen the price of Bitcoin merge in the $ 57,000 to $ 58,000 price range, and the $ 59,000 price has been briefly tested twice more. The last retest a few hours ago faced strong selling pressure, which indicates that we can expect a further decline in the next 24 hours.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is down today as another reversal was seen to climb the $ 59,000 resistance. Therefore, we expect the Bitcoin / US Dollar to move back to the $ 56,000 support later in the day, which is likely to lead to a significant decline later.
While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.