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Bitcoin Price Analysis: BTC re-tests $ 58,500 and is ready to make a loss again?

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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is bullish today.
  • BTC / USD re-tested $ 58,000 support overnight.
  • Bitcoin returned above $ 60,000 earlier today.

Bitcoin price analysis is bullish today as we again saw rejections for further declines that pushed Bitcoin back above $ 60,000. Therefore, we expect the Bitcoin / US Dollar to continue at its highest level later today with its nearest resistance at $ 63,000.

Bitcoin Price Analysis: BTC re-tests $ 58,500 and is ready to make a loss again?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market has been trading mostly in the red for the past 24 hours. Bitcoin fell 0.37 percent, while Atrium fell 1.14 percent. Avalanche (AVAX), meanwhile, rose more than 15 percent to its best performance.

Bitcoin price movement in the last 24 hours: Bitcoin re-tests the support of $ 58,500 before returning to above $ 60,000.

BTC / USD traded in the range of 58515.41 to 66306.29 dollars, which shows strong fluctuations in the past 24 hours. Trading volume fell 9.97 percent to a total of $ 41.1 billion, while the total market value was about $ 1.14 trillion, leading to a market dominance of 43.22 percent.

Bitcoin / Dollar 4-Hour Chart: Is Bitcoin Ready to Recover Losses?

In the 4-hour chart, with the price of Bitcoin returning above $ 60,000, we see a return to the uptrend in the past hours.

Bitcoin Price Analysis: BTC re-tests $ 58,500 and is ready to make a loss again?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin has seen a strong downward pressure over the past week. It fell sharply after setting a new all-time high on November 9 at $ 68,550 and retesting the next day.

BTC / USD quickly reached the previous resistance of $ 63,000 and then stabilized around $ 65,000. After another test of support on November 12, a rally of up to $ 66,000 followed, with the highest clearing low.

On Monday, another decline was seen, which quickly pushed the price of Bitcoin below the $ 63,000 support level, until the reversal was seen at a further decline of around $ 58,500. Another retest was performed from the lowest newly created level overnight, with rejection again. Overall, the Bitcoin / US Dollar is probably ready to move higher in the next 24 hours.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bullish today, as we saw that the previous $ 58,500 price was retested and rejected for further decline. Therefore, BTC / USD is ready to make up for the loss seen earlier this week.

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