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Bitcoin Price Analysis: BTC still holds below $56,000, larger retracement slowly incoming?

Bitcoin Price Analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD rejected $56,000 resistance yesterday again.
  • Bitcoin is likely to retrace more before further upside can be seen.

Bitcoin price analysis is bearish today as another rejection for further upside was seen over the past 24 hours. Therefore, we expect BTC/USD to retrace even more before more upside can be seen.

Bitcoin Price Analysis: BTC still holds below $56,000, larger retracement slowly incoming? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.18 percent, while Ethereum was down 0.31 percent. Meanwhile, Shiba Inu (SHIB) has seen a strong recovery and is the best performer, with a gain of 23 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rejects $56,000 resistance again

BTC/USD traded in a range of $53,735.14 – $55,285.95, indicating mild volatility over the last 24 hours. Trading volume has declined by 15.59 percent and totals $32.25 billion, while the total market cap trades around $1.04 billion, resulting in the market dominance of 44.82 percent.

BTC/USD 4-hour chart: BTC looking to retrace further?

On the 4-hour chart, we can see Bitcoin price action failing to reach further highs, indicating an upcoming retracement.

Bitcoin Price Analysis: BTC still holds below $56,000, larger retracement incoming?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong bullish momentum return so far in October. After a more than week-long consolidation of around $41,000 support at the end of September, bullish momentum began on the 1st of October.

Initially, BTC/USD reached $48,500 previous major resistance. After some consolidation, another spike higher began during the start of this week, leading Bitcoin to a new high at $56,000.

However, bulls have struggled to reach more upside since then, as another rejection for further upside was seen on the 8th of October. Today, Bitcoin price is looking to move higher again, likely leading to another reversal over the rest of the weekend.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish for the next 24 hours as another rejection for further upside was seen over the last 24 hours. Therefore, we expect BTC/USD to retrace further before more upside can be seen.

While waiting for Bitcoin to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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