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Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high slowly set?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis indicates bearish momentum to follow.
  • BTC/USD consolidates below $62,000.
  • Next target to the downside at $56,000. 

Bitcoin price analysis is bearish today as another lower high has been established around $62,000 as recovery was seen yesterday. Therefore, we expect another push to the downside, with the next target at the $56,000 mark.

Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high slowly set? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin lost 0.15 percent, while Ethereum gained 3.7 percent. Meanwhile, Shiba Inu (SHIB) has struggled, with a loss of 11.7 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rallies back to $62,000, consolidation formed below

BTC/USD traded in a range of $58,206.92 – $62,128.63, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 0.72 percent and totals $41 billion, while the total market cap trades around $1.152 trillion, resulting in market dominance of 44.15 percent.

BTC/USD 4-hour chart: BTC to pivot to the downside later today?

On the 4-hour chart, we can see consolidation formed below $62,000 as further upside is rejected, indicating a reversal to the downside should follow later today.

Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high set?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a bearish momentum return over the past week. After strong first weeks of October, a new all-time high was set at $67,000 on the 20th of October.

However, after a strong retracement to $60,000, further upside could not be reached as a lower high was set at $64,000. From there, BTC/USD saw another decline on Tuesday, this time setting a lower low at $58,000.

Yesterday, some of the loss was recovered as the Bitcoin price action retraced to $62,000. Since then, BTC/USD has consolidated below the resistance, likely as bears prepare to push the market even lower. 

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as another higher low has been established below $62,000 after bulls failed to move higher yesterday. Therefore, we expect BTC/USD to move lower again over the next 24 hours.

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.

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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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