TL; DR failed
- Bitcoin price analysis is declining today.
- Bitcoin / US dollar continued to rise overnight.
- The previous resistance of $ 67,000 could not act as support.
Bitcoin price analysis is bearish today, as it is expected to fall further in the next 24 hours after setting the new high at $ 68,550 yesterday. Therefore, BTC / USD needs further correction before further bullish testing.
Overall market movement has declined in the last 24 hours. Market leaders Bitcoin and Atrium fell 2.03 percent and 1.73 percent, respectively. LightQueen, meanwhile, continues to grow by more than 10 percent.
Bitcoin price movement in the last 24 hours: Bitcoin started to return after reaching its peak at $ 68,550.
BTC / USD traded in the range of 66,319.29 to 68,129.31 $, which shows slight fluctuations in the last 24 hours. Trading volume fell 13.88% to a total of $ 35.95 billion, while the total market value was about $ 1.254 trillion, which led to a market dominance of 43.33%.
4-Hour Bitcoin / Dollar Chart: Will Bitcoin Continue Lower?
In the 4-hour chart, we can see the price of Bitcoin move below the previous resistance of $ 67,000, which will probably lead to the $ 64,000 level in the next step.
Bitcoin price action so far in November saw a return to uptrend. After a steady new record high of $ 67,000 on October 20, a steady correction to $ 58,000 followed.
Bitcoin / US Dollar started to reverse by setting a lower level on November 1 and a higher one the next day. From there, a final $ 60,000 test of the main support area was conducted last weekend before strong progress began.
We saw the price of bitcoin hit a record high on Monday and quickly hit a record high. After a period of hesitation below $ 67,000, BTC / USD rose overnight to $ 68,550, setting a new record.
However, since then, the downtrend has returned, as it needs to be corrected before seeing further uptrend. We will probably see Bitcoin return to its previous resistance of $ 64,000 to be retested as support.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today as we expect the current correction to continue at its highest level since early yesterday. Thus, BTC / USD is likely to move above the previous resistance of $ 64,000.
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