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Bitcoin Price Analysis: Bitcoin rejects the $ 59,000 uptrend, after further downturn?

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD rose to $ 59,000.
  • Nearest support at $ 56,000.

Bitcoin price analysis is down today because after a quick rally today we saw a bullish decline. Therefore, BTC / USD is not yet ready to reach its highest level and we will probably see more negative tests in the next 24 hours.

Bitcoin Price Analysis: Bitcoin rejects the $ 59,000 uptrend, after further downturn?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market has seen different results in the last 24 hours. Bitcoin, the market leader, fell 2.29 percent, while Atrium rose 3.55 percent. Terra (LUNA) had the best performance with a 12% increase.

Bitcoin price movement in the last 24 hours: Bitcoin $ 59,000 re-tested the previous highest price, quickly rejecting the lower

BTC / USD traded in the range of 56,375.16 to 58,879.67 dollars, which shows strong fluctuations in the last 24 hours. Trading volume increased by 19.75% to $ 39.4 billion, while the total market value was about $ 1.08 trillion, which led to a market dominance of 41.17%.

Bitcoin / US Dollar 4-Hour Chart: Bitcoin looks to be declining again

In the 4-hour chart, we can see the return of the Bitcoin price to the previous support in the past hours, which will probably lead to a re-testing of the $ 56,000 support.

Bitcoin Price Analysis: Bitcoin rejects the $ 59,000 uptrend, after further downturn?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin traded in a marked downward trend for most of November. After a rapid jump on November 8, the new high was set at $ 69,000. From there, the Bitcoin / US dollar saw a strong reversal over the next week.

Nearly 20 percent fell until strong support finally reached $ 56,000 on November 19. After a brief correction, support was tested again on November 23.

Meanwhile, lower peaks were set, indicating a still-declining market structure. This accelerated the bears to finally break another low last Friday to $ 53,500.

After some stabilization over the weekend, the bitcoin price experienced a rapid reaction overnight on Monday. Initially, it reached the level of $ 58,280 and reached the highest level with a rapid increase in the last 24 hours.

Finally, the previous high of $ 59,000 was not broken, which means that another downward wave will follow in the coming days.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because we saw resistance at $ 59,000 in the past few hours. Therefore, BTC / USD is not yet ready to break the previous high, which will probably lead to further decline later this week.

While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.