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Bitcoin Price Analysis: BTC finds support at $60,000, will it move past $63,000?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD found support at $60,000 overnight.
  • Closest resistance at $63,000.

Bitcoin price analysis is bullish today as a new higher low has been set at $60,000, indicating a breakout above $63,000 local high should follow. Therefore, we expect BTC/USD to move higher over the next 24 hours, likely after a retracement.

Bitcoin Price Analysis: BTC finds support at $60,000, will it move past $63,000? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the past 24 hours. Bitcoin has increased by 2.61 percent, while Ethereum 3.61 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 20 percent.

Bitcoin price movement in the last 24 hours: Bitcoin finds support at $60,000 after a slow retracement

BTC/USD traded in a range of $59,695.18 – $62,419.00, indicating substantial volatility over the last 24 hours. Trading volume has increased by 12.4 percent and totals $36.7 billion, while the total market cap trades around $1.,17 billion, resulting in the market dominance of 43.89 percent.

BTC/USD 4-hour chart: BTC looks to test $63,000 resistance again

On the 4-hour chart, we can see Bitcoin price action approaching the $63,000 resistance after a higher low set at $60,000, potentially indicating a higher high will be set later today.

Bitcoin Price Analysis: BTC finds support at $60,000, will it move past $63,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen bearish momentum continue over the past week. After the previous all-time high at $65,000 was broken on the 20th of October, BTC/USD set a new high at $67,000.

However, since then, Bitcoin has slowly declined. The $60,000 mark offered some initial support until a breakdown followed last week, reaching $58,000.

Since then, the Bitcoin price action has tested the $63,000 mark, with consolidation formed below it. After a decline yesterday, a higher low was set at $60,000, likely preceding a break higher over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new higher low has been set above $60,000, indicating a move higher should follow. However, BTC/USD has to break above $63,000 first as it provided strong resistance before.

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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