TL; Fault DR
- Bitcoin price analysis is declining today.
- BTC / USD increased another pressure today.
- The $ 56,000 resistance remains.
Bitcoin price analysis is bearish today as most of the earlier highs jumped to $ 56,000 earlier today. Therefore, we assume that BTC / USD should return further before it can experience further uptrend.
The general market turned green in the last 24 hours. Market leaders Bitcoin and Atrium grew 2.09% and 1.26%, respectively. The rest of the market is mostly green and the biggest loss is seen for Shiba Inu (SHIB) as it has risen almost 30% after a strong climb earlier this week.
Bitcoin price movement in the last 24 hours: Bitcoin rises again to $ 56,000
BTC / USD traded in the range of $ 53,525.47 – $ 55,922.98, which shows a strong fluctuation in the last 24 hours. Trading volume fell 18.64%, while the total market value traded around $ 1.04 billion, resulting in 44.83% market dominance.
BTC / USD 4-Hour Chart: Will BTC Be Returned?
In the 4-hour chart, we can not see a re-climb because the price of bitcoin can only remain at $ 56,000 for a short time.
Bitcoin has reversed this month after a strong downtrend in September. BTC / USD has risen more than 35 percent to $ 56,000 since $ 41,000 in support by the end of September.
However, after another strong jump on Wednesday, the uptrend was exhausted and put BTC in a slow trend yesterday. Support was found around $ 53,500, and a higher uptrend was observed earlier today.
As soon as the price of Bitcoin reached $ 56,000, the selling pressure returned and led to further rejection. Therefore, we expect the BTC / USD to continue to move again to build a base that will rise next week,
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is down for the rest of the day because after reaching $ 56,000, a strong rejection was observed for further ascent. Therefore, BTC / USD currently lacks momentum to climb further and needs to be corrected.
As you wait for more bitcoin to move, read our guide to the best NFT markets, NFT history and development, as well as NFT music.
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