- Bitcoin price analysis is bearish today.
- BTC/USD resisted by the $63,000 mark.
- Bitcoin is likely to move back to $60,000 today.
Bitcoin price analysis is bearish today as another lower high has been set below $63,000 after a slight upsurge yesterday. Therefore, we assume another lower high has been set, and BTC/USD is headed lower again over the weekend.
The crypto market has moved mostly with bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 1 percent, while Ethereum has gained just 0.03 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 45 percent.
Bitcoin price movement in the last 24 hours: Bitcoin established another lower high at $63,000
BTC/USD traded in a range of $60,846.27 – $62,927.61, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 16.88 percent and totals $34 billion, while the total market cap trades around $1.16 trillion, resulting in a market capitalization of 44.31 percent.
BTC/USD 4-hour chart: BTC looks to retrace further?
On the 4-hour chart, we can see Bitcoin price action peaking at $63,000, likely leading to another drop over the next 24 hours.
Bitcoin price action has seen a bearish momentum return over the past week. After several weeks of bullish momentum, BTC/USD set a new all-time high at $67,000 on the 20th of October.
From there, two drops lower were seen this week, leading BTC to $58,000. On Wednesday, Bitcoin recovered again, starting to consolidate below $62,000. However, yesterday, another little push higher was seen, leading to the $63,000 mark.
Since then, Bitcoin price has started to slowly retrace. Likely we will see further downside over the weekend as BTC/USD looks to test even lower lows.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as another lower high has been set at $63,000. Therefore, we expect BTC/USD to move lower over the next 24 hours and test the $60,000 mark again.