- Bitcoin price analysis is bearish today.
- BNB/USD reversed from the $62,000 resistance again overnight.
- Bearish momentum pushing BTC lower today.
Bitcoin price analysis is bearish today as the $62,000 resistance prevented further upside again overnight. Therefore, we expect BTC/USD to retrace even more to set another swing higher low.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.21 percent, while Ethereum lost 3.04 percent. Meanwhile, Dogecoin is up by almost 14 percent as a rare exception.
Bitcoin price movement in the last 24 hours: Bitcoin reverses from $62,000 resistance again
BTC/USD traded in a range of $59,164.47 – $62,614.66, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 21.32 percent and totals $35.2 billion, while the total market cap trades around $1.15 trillion, resulting in the market dominance of 46.89 percent.
BTC/USD 4-hour chart: BTC to retrace further today?
On the 4-hour chart, we can see Bitcoin price retracing again as bulls are not yet ready to break the $62,000 mark.
Bitcoin price action has seen very strong bullish momentum so far this month. After consolidating above $41,000 at the end of September, the first push higher began on the 1st of October.
After several weeks or upwards momentum, BTC/USD has reached a new several-month high of $62,900. From there, a retracement that retests the $60,000 mark as support was seen over the weekend.
Late yesterday, BTC made a quick spike lower, followed by a move above $62,000. The resistance prevented further upside, meaning that more retracement and consolidation is needed before Bitcoin price action is ready for further highs.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as another reversal from the $62,000 resistance was seen earlier today. Therefore, BTC/USD is not yet ready to move higher, and a retracement that sets a clear higher low is needed.
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