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Bitcoin Price Analysis: Bitcoin rejects $ 62,000 resistance, further downturn?

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis is declining today.
  • The BNB / USD returned overnight from the $ 62,000 resistance.
  • Today’s downtrend lowers the BTC.

Bitcoin price analysis is bearish today as resistance at $ 62,000 prevented a overnight reversal. Therefore, we expect BTC / USD to move even further to lower another volatility.

Bitcoin Price Analysis: Bitcoin rejects $ 62,000 resistance, further downturn?  2
Encrypted currency heat map Source: Coin360

The overall market traded with different results in the last 24 hours. Bitcoin, the market leader, fell 0.21 percent, while Atrium fell 3.04 percent. Dogecoin, meanwhile, as a rare exception, has risen about 14 percent.

Bitcoin price movement in the last 24 hours: Bitcoin has returned from the resistance of $ 62,000

BTC / USD traded in the range of $ 59,164.47 – $ 62,614.66, which shows a moderate fluctuation in the last 24 hours. Trading volume increased by 21.32% to a total of $ 35.2 billion, while the total market value was trading at about $ 1.15 trillion, resulting in 46.89% market dominance.

4-hour chart BTC / USD: Will BTC continue again today?

In the 4-hour chart, we can see the price of Bitcoin again because the cows are not yet ready to break the $ 62,000 mark.

Bitcoin Price Analysis: Bitcoin rejects $ 62,000 resistance again, will further reform be sought?
4-hour chart BTC / USD. Source: TradingView

Bitcoin price movements this month have seen a very strong rise. The first price increase began on October 1, after accumulating above $ 41,000 at the end of September.

The BTC / USD has reached a multi-month high of $ 62,900 after a few weeks or a bullish move. From there, repairs that re-tested $ 60,000 as support were seen over the weekend.

Late yesterday, BTC experienced a rapid jump, followed by a move above $ 62,000. Resistance prevented further uptrends, meaning that more correction and stabilization was needed before the bitcoin price could prepare for further uptrends.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bearish today as another reversal was seen against the $ 62,000 resistance earlier today. Therefore, BTC / USD is not yet ready to move higher and needs to be adjusted to determine the lowest level.

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