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Bitcoin Price Analysis: BTC slowly consolidates above $61,000, move higher to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD set higher low at $61,000.
  • Next resistance at $63,000.

Bitcoin price analysis is bullish today as we expect reversal back to the upside after a higher low was established at $61,000 yesterday.

Bitcoin Price Analysis: BTC slowly consolidates above $61,000, move higher to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 0.84 percent, while Ethereum 0.94 percent. Meanwhile, Binance Coin (BNB) dominates the market, with a gain of 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin established a higher low at $61,000

BTC/USD traded in a range of $60,799.66 – $62,541.47, meaning moderate volatility over the last 24 hours. Trading volume has declined by 6.9 percent and totals $32.6 billion, while the total market cap trades around $1.16 trillion, resulting in market dominance of 42.74 percent.

BTC/USD 4-hour chart: BTC heading higher next?

On the 4-hour chart, we can see bullish momentum slowly returning as the Bitcoin price action is ready to move higher again.

Bitcoin Price Analysis: BTC consolidates above $61,000, move higher to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw a steady decline after a new all-time high was set at $67,000 on the 20th of October. After several pushes lower, support was found at $58,000 on the 27th of October.

Since then, BTC/USD has consolidated below $63,000 resistance and $60,000 support. On the 2nd of November, a higher high was set at $64,000, followed by a retracement that set a slightly higher low.

Overall, the Bitcoin price action development over the past week indicates that we will likely see further upside next week. Currently, we see BTC/USD prepare for another push higher, likely resulting in a break above $63,000 later today.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a higher low has been set at $61,000. Therefore, we expect bullish momentum to return and BTC/USD to move higher over the next 24 hours.

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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