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Bitcoin Price Analysis: Bitcoin Returns Below $ 60,000, Another Drop Following?

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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD crossed overnight and reached $ 61,000.
  • Bitcoin returned below $ 60,000 this morning.

Bitcoin price analysis is declining today, as we saw the price of Bitcoin fall again overnight to $ 61,000, which led to a return below $ 60,000. Therefore, Bitcoin / US Dollar is likely to see further decline in the next 24 hours.

Bitcoin Price Analysis: Bitcoin Returns Below $ 60,000, Another Drop Following?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market has been declining again over the past 24 hours. Market leaders Bitcoin and Atrium fell 0.83% and 0.48%, respectively. Meanwhile, the rest of the top altcoins have experienced even greater losses.

Bitcoin price movement in the last 24 hours: Bitcoin returns below $ 60,000 because the uptrend was rejected

BTC / USD traded in the range of 58,867.34 to $ 60,948.50, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 15.38 percent to $ 34.77 billion, while the total market value was about $ 1.11 trillion, leading to a market dominance of 43.43 percent.

Bitcoin / Dollar 4-Hour Chart: Bitcoin appears to be experiencing further decline

In the 4-hour chart, this morning we can see the downward acceleration that drives the bitcoin price movement to the previous lowest fluctuation.

Bitcoin Price Analysis: Bitcoin Returns Below $ 60,000, Another Drop Following?
4-hour chart BTC / USD. Source: TradingView

The bitcoin price movement this week saw the return of a strong downtrend again. BTC / USD saw an initial decline to $ 63,000 after setting a new record high of $ 68,550 on November 9th.

From there, the reaction dropped above $ 65,000 before retesting. Strong corrections followed to $ 66,000 on November 14, setting a high before a sharp drop began late Monday.

This time around, Bitcoin Price Action found support at $ 58,600 and has been moving towards integration ever since. Overnight, the uptrend was re-tested and the BTC / USD returned below $ 60,000, potentially leading to further declines in the next 24 hours.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today as we witnessed another $ 59,000 support test in the last few hours after being rejected overnight. Therefore, it can be assumed that BTC / USD is not yet ready to move higher.

While you wait for more bitcoin to move, read our guide to eToro vs Coinbase, how to extract classic bitcoins and bitcoins against cardanos.