- 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.
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 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.
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