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Bitcoin Price Analysis: BTC slowly retraces to retest $63,000, more downside to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish.
  • BTC/USD consolidates above $63,000 previous high.
  • Further retracement is likely needed before reversal.

Bitcoin price analysis indicates bearish momentum will follow as further retracement below the current support at $63,000 is needed. Therefore, we expect BTC/USD will breach lower later today and look to set a higher low above $60,000.

Bitcoin Price Analysis: BTC slowly retraces to retest $63,000, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mostly bullish momentum over the last 24 hours despite Bitcoin declining by 0.07 percent. Ethereum is up by 2.99 percent, while the top altcoins such as Solana, Cardano, and Ripple are up by 7-13 percent.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $63,000 after peaking at $64,300

BTC/USD traded in a range of $62,668.74 – $64,242.79, indicating mild volatility over the last 24 hours. Trading volume has declined by 5.55 percent and totals $33.98 billion, while the total market capitalization stands at $1.19 trillion, resulting in the market dominance of 43.39 percent.

BTC/USD 4-hour chart: BTC needs to retrace even more before further upside?

On the 4-hour chart, we can see the Bitcoin price action consolidating above $63,000, likely resulting in a break lower later today. 

Bitcoin Price Analysis: BTC retraces to retest $63,000 as support, more downside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a bearish momentum return over the past weeks. After a new all-time high was set at $67,000 on the 20th of October, BTC/USD saw retracement to $58,000.

Since then, BTC/USD formed a consolidation below $63,000 resistance and $60,000 support. After another test of the support on the 1st of November, a clear breakout higher was seen on the 2nd of November. 

This time, the Bitcoin price peaked at $64,300. Retracement followed yesterday and continued overnight, with the $63,000 previous high acting as support. However, a deeper retracement is likely needed before another strong push higher can be seen, meaning that further downside can be expected over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish as we will likely see the $63,000 support broken as a deeper retracement is needed before more upside can follow. Therefore, BTC/USD will likely move even lower and look to set a higher low above $60,000.

While waiting for Bitcoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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