- Bitcoin price analysis is bullish today.
- BTC/USD found support at $60,000.
- Bitcoin starting to push higher again.
Bitcoin price analysis is bullish today as the $60,000 mark prevented further downside, leading to a move above $62,000 today. Therefore, we expect BTC/USD to push higher over the next 24 hours, with the $65,000 mark as the next target.
The overall market traded in the green over the last 24 hours, with Bitcoin up more than 5 percent. Meanwhile, Ethereum has gained 3.17 percent, while Solana (SOL) is among the best performers, with over 10 percent gain.
Bitcoin price movement in the last 24 hours: Bitcoin returns above $62,000 as bullish momentum returns overnight
BTC/USD traded in a range of $59,643.35 – $63,343.31, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 22 percent and totals $30.7 billion, while the total market cap trades around $1.12 trillion, resulting in the market dominance of 45.6 percent.
BTC/USD 4-hour chart: BTC targets $65,000 today?
On the 4-hour chart, we can see bullish momentum returning today as the $60,000 support prevented further downside.
Bitcoin price action has seen strong bullish momentum in October. After a more than week-long consolidation above $41,000 at the end of September, a strong push higher began on the 1st of October.
Over the next weeks, several higher highs and lows were set until the previous all-time high at $65,000 was broken on the 20th of October, leading to a new high at $67,000. Since then, bears have taken over the price action again, leading to a several-day retracement to $60,000.
Yesterday, we saw the Bitcoin price action test the $60,000 support again, with further downside prevented. Overnight, bullish momentum returned for BTC/USD, leading back above $62,000.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as the $62,000 mark has been breached again after strong support was found at $60,000 yesterday. Therefore, we expect BTC/USD to rally further and look to breach the $65,000 resistance again.
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