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Bitcoin Price Analysis: BTC rallies above $62,000, slowly targets $65,000 next?

Bitcoin Price analysis

TL;DR Breakdown

  • 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.

Bitcoin Price Analysis: BTC rallies above $62,000, slowly targets $65,000 next? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: BTC rallies above $62,000, targets $65,000 next?
BTC/USD 4-hour chart. Source: TradingView

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.

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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