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Bitcoin Price Analysis: Is BTC Ready to Overcome $ 56,000 Support?

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • Bitcoin price analysis is declining today.
  • BTC / USD continues to test the $ 56,000 support.
  • Next support $ 53500.

Bitcoin price analysis is declining today as $ 56,000 support is tested with an increasingly limited range above it. Therefore, we expect the Bitcoin / US Dollar to move to the next support at $ 53500 in the next 24 hours.

Bitcoin Price Analysis: Is BTC Ready to Overcome $ 56,000 Support?  1
Thermal map of digital currencies. Source: Coin360

The digital currency market has seen a decline. Market leaders Bitcoin and Atrium are both in the red, down 4.05 and 4.51 percent, respectively. Cardano (ADA), meanwhile, has the best performance with an increase of more than 6%.

Bitcoin price movement in the last 24 hours: Bitcoin overcame the resistance of $ 59,000 and continues to stabilize.

BTC / USD traded in the range of 55,895.13 to 58,650.50 $, which shows the average amount of fluctuations in the last 24 hours. Trading volume fell 5.97 percent to 33.76 billion, while the total market value is about 1.06 trillion dollars, which led to a market dominance of 40.87 percent.

4-Hour Bitcoin / US Dollar Chart: Bitcoin seems to be lower

In the 4-hour chart, we can see the price performance of Bitcoin, which is testing support at $ 56,000 today, because the bears are probably ready to eventually fall lower.

Bitcoin Price Analysis: Is BTC Ready to Overcome $ 56,000 Support?
4-hour chart BTC / USD. Source: TradingView

The price of Bitcoin has so far stabilized this week between $ 56,000 support and $ 59,000 resistance. After adjusting both the low and the low last week, the BTC / USD saw a higher reaction at the end of last weekend.

The cows again rose slightly below $ 59,000. The resistance was tested several times with clear traces each time, indicating that the downward movement was slowly learning.

Since the last bullish re-test, the price of Bitcoin has stabilized in a very narrow range in support of $ 56,000. Therefore, we can expect the BTC / USD to eventually fall lower and continue with the general downtrend for a few weeks later this week.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is declining today because yesterday we saw another bitcoin price decline, which led to support of $ 56,000. The BTC / USD is probably ready for further bearish testing now, meaning that current support should be discontinued later today.

While you wait for more bitcoin to move, check out our articles on Best 2021 Encryption Wallet, Decred Wallet and Ripple vs SEC.