Bitcoin News

Bitcoin Price Analysis: BTC retests $60,000 as support, will it hold?

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD declined to $60,000 yesterday.
  • Consolidation formed over the last 24 hours.

Bitcoin price analysis is bullish today as the $60,000 mark prevented further downside after a retracement from the newly set all-time high of $67,000. Therefore, we expect BTC/USD to reverse and attempt to move higher again over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with various results over the last 24 hours. Bitcoin lost 1.86 percent, while Ethereum gained just 0.1 percent as bearish momentum has returned. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 48 percent as bulls set new all-time highs for the coin.

Bitcoin price movement in the last 24 hours: Bitcoin retraces to $60,000 starts to consolidate above

BTC/USD traded in a range of $60,305.13 – $61,743.88, indicating low volatility over the last 24 hours. Trading volume has declined by 33.55 percent and totals $23.5 billion, while the total market cap trades at $1.14 trillion, resulting in the market dominance of 45.28 percent.

BTC/USD 4-hour chart: BTC looks to move higher again?

On the 4-hour chart, we can see the $60,000 mark still holding Bitcoin price action from further downside, indicating we could see a push higher later today.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong performance over the past month. After forming a strong consolidation at the $41,000 swing low at the end of September, a substantial spike higher was seen on the 1st of October. 

Over the following weeks, a series of higher highs and lows followed until the previous all-time high of $65,000 was reached on the 20th of October. After a slight pause, BTC/USD broke higher, leading to a new all-time high set at $67,000.

Since then, Bitcoin price has looked to retrace some of the gains. On Thursday, BTC rapidly moved to $62,000 previous resistance, with further downside following the $60,000 mark yesterday.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish as support was found at $60,000 after another slight drop yesterday below $62,000. Therefore, as long as the $60,000 mark holds, we expect further upside to follow.

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.

This post was last modified on October 24, 2021 12:57 pm

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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