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Bitcoin Price Analysis: BTC slowly tests $63,000, will further upside follow?

Bitcoin Price analysis

TL;DR Breakdown

  • 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.

Bitcoin Price Analysis: BTC slowly tests $63,000, will further upside follow? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: BTC tests $63,000, will further upside follow?
BTC/USD 4-hour chart. Source: TradingView

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.

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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