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  • Bitcoin Price Analysis: BTC returns below $ 56,000, further downward?

Bitcoin Price Analysis: BTC returns below $ 56,000, further downward?

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis is declining today.
  • BTC / USD rose to $ 54,000 yesterday.
  • The second support test is currently underway.

Bitcoin price analysis is bearish today as a strong lower move was observed overnight after a slight increase yesterday. With the downtrend reversing, the BTC / USD is likely to remain low.

Bitcoin Price Analysis: BTC returns below $ 56,000, further downward?  1
Encrypted currency heat map Source: Coin360

The overall market has been more negative in the last 24 hours, with the Bitcoin market leader down 3.61%. Binance Coin (BNB), meanwhile, is among the top players with a 6.92% increase.

Bitcoin price movement in the last 24 hours: Bitcoin reaches $ 54,000 again

BTC / USD traded in the range of $ 54,370.97 – $ 57,418.19, which shows a moderate fluctuation in the last 24 hours. Trading volume increased by 0.41% to $ 40.32 billion, while the total market value was trading at about $ 1.04 trillion, resulting in a market dominance of 45.4%.

4-hour chart BTC / USD: BTC targets next $ 53,000?

In the 4-hour chart, we can see a downtrend in an attempt to break the $ 54,000 local support, which indicates that a further downtrend will follow today.

Bitcoin Price Analysis: BTC returns below $ 56,000, further downward?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin in October has been strong so far. After several $ 41,000 support tests at the end of September, the downtrend was reversed and the faster move started on October 1st.

BTC / USD moved to $ 48,500 and broke further on October 4 after stabilizing. Eventually, the next resistance was found below $ 56,000. This time, the multi-day rally was observed again until another slight increase was seen on Monday, bringing the BTC to $ 58,000.

From there, however, the price of Bitcoin was reversed and returned below $ 56,000. Late yesterday, the uptrend was set at $ 54,000, indicating that the downtrend is increasing. Over the past few hours, BTC / USD has reacted and re-tested the $ 56,000 mark as resistance before pushing down again.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is bearish today as the local low hit just above $ 56,000 overnight, lowering BTC earlier today. Therefore, we expect the downtrend to continue, with the next support of $ 53,000 as a potential target.

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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