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Bitcoin Price Analysis: Bitcoin re-tests $ 63,000 as support, too low?

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is bullish today.
  • Bitcoin / Dollar saw massive sales yesterday.
  • $ 63,000 support found.

Bitcoin price analysis is bullish today because after a rapid lower jump, the strongest low was set at $ 63,000. Therefore, the BTC / USD market structure is now another attempt to raise the level of readiness.

Bitcoin Price Analysis: Bitcoin re-tests $ 63,000 as support, too low?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market has seen a decline over the past 24 hours. Bitcoin fell 2.21 percent and Atrium fell 0.54 percent during the period. One of yesterday’s leaders, Light Coin (LTC), is among the worst performers today with a loss of more than 7%.

Bitcoin price movement in the last 24 hours: Bitcoin fell 9% after failing to cross $ 68,550.

BTC / USD traded in the range of 63,208.11 to 68,742.31 dollars, which shows strong fluctuations in the last 24 hours. Trading volume increased by 40.34% to a total of $ 50.84 billion, while the total market value was about $ 1.232 trillion, which led to a market dominance of 43.13%.

Bitcoin / Dollar 4-Hour Chart: Bitcoin begins to recover as further downturn is ruled out

In the 4-hour chart, we can see that the price of Bitcoin has returned above $ 65,000, indicating a stronger low during overnight sales.

Bitcoin Price Analysis: Bitcoin re-tests $ 63,000 as support, too low?
4-hour chart BTC / USD. Source: TradingView

Bitcoin traded higher on Monday after trading around $ 60,000 in support and resistance at $ 63,000 in recent weeks. After struggling for some time below the previous high of $ 67,000, the new record high was set at $ 68,550.

On Tuesday, there was a slow correctional trend, which saw a short jump higher yesterday. From there, a drop of about 9 percent was observed in a few hours. The drop led to a quick test of the previous key resistance of $ 63,000 near the end of the day.

Following the reversal of further downtrends, BTC / USD quickly returned to above $ 64,000, with further resistance turning into support. The bitcoin price movement is probably ready to continue rising now, with the expectation that it could set a new record high by the end of the week.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today as it hit a strong all-time low after breaking past $ 63,000 for further decline. Therefore, Bitcoin / US Dollar is probably ready to recover and is looking to rise again later today.

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