- Bitcoin price analysis is bearish today.
- BTC/USD set higher high at $66,000.
- Retracement is likely to follow.
Bitcoin price analysis is bearish today as we see buying pressure slowing down after a strong push higher over the last 24 hours. Therefore, BTC/USD is set to retrace as a new higher low needs to be set before further upside can be tested.
The overall market saw bullish momentum return over the last 24 hours. Bitcoin has seen strong performance, with a gain of 6.56 percent, while Ethereum is up by 2.96 percent. Meanwhile, Crypto.com Chain (CRO) is the top performer, with a gain of almost 18 percent.
Bitcoin price movement in the last 24 hours: Bitcoin breaks past previous high as strong bullish momentum returns
BTC/USD traded in a range of $61,782.49 – $66,433.55, indicating substantial volatility over the last 24 hours. Trading volume has increased by 28.76 percent and totals $34 billion, while the total market cap trades around $1.24 billion, resulting in a market dominance of 43.45 percent.
BTC/USD 4-hour chart: BTC slows down around $66,000
On the 4-hour chart, we can see Bitcoin price action slowing down over the past hours after the $66,000 mark was reached, indicating a retracement could follow over the next 24 hours.
Bitcoin price action saw sideways movement for the past weeks. After a new all-time high was set at $67,000 on the 20th of October, a strong retracement followed to $58,000.
BTC/USD spent the rest of October mostly trading between $60,000 support and $63,000 resistance until a slightly higher high was set above $64,000 on the 2nd of November. What followed was a final test of the $60,000 support before a much stronger push higher began.
Overnight, Bitcoin price action moved past the $64,000 mark, with further upside seen in the morning until the $66,500 mark was reached. Currently, BTC/USD trades around $66,000 as it likely prepares to retrace and set a higher low before more upside can be seen later in the week.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we can see the buying pressure slowing down after the $66,000 mark was reached earlier today. Likely BTC/USD needs to retrace and set another higher low before the previous all-time high at $67,000 can be broken.