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Bitcoin Price Analysis: Bitcoin Returns to $16,500 and Enters Slow?

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  Bitcoin

Bitcoin price analysis today is bearish, as yesterday we saw a return to the previous consolidation area around $1650 and we have slowly experienced more upside since the beginning of the day. Therefore, BTC/USD is likely to look for a local rally lower and turn lower towards the end of the week.

Bitcoin Price Analysis: Bitcoin Returns to $16,500 and Enters Slow?  1
Heat map of digital currencies. Source: Coin360

The market has been trading mostly in the green for the past 24 hours. Leader Bitcoin rose 0.27 percent, while Ethereum continued its recovery, gaining 2.76 percent. Meanwhile, Solana (SOL) was the best performer, up more than 10%.

Bitcoin price movement in the last 24 hours: Bitcoin slows its progress

BTC/USD traded in a range of $16,347.77 to $16,771.48, indicating little volatility over the past 24 hours. Trading volume decreased by 111.13% to $29.86 billion, while the total market value was around $318.36 billion, resulting in a market dominance of 38.25%.

BTC/USD 4-Hour Chart: Bitcoin Looks To Reverse Again?

On the 4-hour chart, we can see a weak bullish move from yesterday that is likely to see BTC break below the major resistance at $17,000 and continue lower in late November.

Bitcoin Price Analysis: Bitcoin Returns to $16,500 and Enters Slow?

BTC/USD 4 hour chart. Source: TradingView

Bitcoin’s price action this fall saw extreme volatility. After several rallies in late October and early November, a new major swing was set around $21,500. However, further upside is not possible, leading to a quick break to the previous low around $20,000 in the second week of November.

Strong selling pressure continued for several days as BTC/USD quickly lost over 25%. A major new low was set at around $15,600 with a brief bounce that quickly led to a higher reaction, while a clear lower high was set at around $18,000 on November 10 and another quick reversal followed the next day. became.

The support zone around $16,000 was retested early last week, with consolidation in a wider range after around $16,500. Over the course of several days, Bitcoin traded with little volatility and no clear direction, allowing sellers to make another attempt to push the market lower.

The sell-off returned last weekend, prompting BTC to retest the previous major swing at $15,600. Since then, it has recorded another lower local high as it slowed down in the same $16,500 area as before. Therefore, Bitcoin price action should soon move lower once again to make a lower high and make another break below the previous main swing.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis today is bearish as we have seen a failure to reach the $17,000 resistance in the last 24 hours with a significant move. As BTC/USD hit lows around $15,500 earlier in the week, we expect another lower local high to be made soon, leading to further declines throughout November. In this case, Bitcoin is likely to go into free fall as there is no longer a major support level by the $12,000 mark.

While you wait for Bitcoin to move further, check out our long-term price predictions on Chainlink, VeChain and Axie Infinity.