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Bitcoin Price Analysis: BTC retraces to retest $62,000 as support, more upside today?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • Higher low set at $62,000.
  • BTC/USD looking to return above $65,000 today.

Bitcoin price analysis is bullish today as a new higher low has been established overnight after a retracement from the $67,000 all-time high yesterday. Therefore, we expect BTC/USD to rally higher over the next 24 hours.

Bitcoin Price Analysis: BTC retraces to retest $62,000 as support, more upside today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin lost 2.2 percent, while Ethereum is down by 2.69 percent. Meanwhile, Solana and Teraa are the top performers, with over 8 percent gain.

Bitcoin price movement in the last 24 hours: Bitcoin retraces after setting new all-time high at $67,000

BTC/USD traded in a range of $62,117.41 – $65,967.81, indicating substantial volatility over the last 24 hours. Trading volume has declined by 15.45 percent and totals $41.87 billion, while the total market cap trades around $1.195 billion, resulting in the market dominance of 45.97 percent.

BTC/USD 4-hour chart: looks to return above $65,000?

On the 4-hour chart, we can see clear support found at $62,00, indicating that further upside will follow later today.

Bitcoin Price Analysis: BTC retraces to retest $62,000 as support, more upside today?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong performance over the past weeks. After a week-long consolidation above $41,000 at the end of September, a spike higher was seen on the 1st of October.

Further upside continued steadily over several weeks, with several higher highs and lows set along the way. The previous all-time high was finally reached on Tuesday, with a spike to a new all-time high the following day later.

A new all-time high was set at $67,000. From there, the Bitcoin price action has retraced to retest previous local resistance at $62,000 as support.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish for the next 24 hours as a new higher low has been set above $62,000 after a retracement from the $67,000 all-time high. Therefore, we expect BTC/USD to continue higher and look to set further highs.

While waiting for Bitcoin to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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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