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Bitcoin Price Analysis: BTC slowly retraces to $60,000, consolidation to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD retraced to $60,000 again.
  • Buying pressure is likely to pick up later today.

Bitcoin price analysis is bullish today as we expect the $60,000 mark to hold. However, bearish momentum still persists, meaning that we could see BTC/USD break lower in the upcoming hours.

Bitcoin Price Analysis: BTC slowly retraces to $60,000, consolidation to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 2.02 and 3.08 percent, respectively. Meanwhile, Shiba Inu (SHIB) is the market leader, with a gain of almost 14 percent.

Bitcoin price movement in the last 24 hours: Bitcoin slowly moved to $60,000 again

BTC/USD traded in a range of $60,209.26 – $61,965.93, indicating low volatility over the last 24 hours. Trading volume has declined by 5.51 percent and totals $30.64 billion, while the total market cap trades around $1.124 trillion, resulting in the market dominance of 42.86 percent.

BTC/USD 4-hour chart: BTC to reverse today?

On the 4-hour chart, we can see bearish momentum still pushing the Bitcoin price action lower, meaning the $60,000 mark will be tested again today.

Bitcoin Price Analysis: BTC retraces to $60,000, consolidation 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, BTC/USD reversed and retraced to $58,000 over several days.

Consolidation above $60,000 followed later last week, leading to a slightly higher high set at $64,000 on Tuesday. Since then, BTC has slowly retraced back to the $60,000 previous low.

Likely we will see the support hold, meaning that more upside should follow. However, if the $60,000 support breaks, Bitcoin price is likely headed to the next support at $58,000.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we expect the $60,000 support to hold later today. Therefore, BTC/USD should see a reversal back to the upside 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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