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Bitcoin Price Analysis: BTC spikes to a new all-time high at $68,550, more upside to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD breached $67,000 previous high.
  • New high set at $68,550.

Bitcoin price analysis is bullish today as a new all-time high was set at $68,550 this morning and the momentum is still strong. However, a slight retracement for BTC/USD is currently being made, likely to retest $67,000 as support.

Bitcoin Price Analysis: BTC spikes to a new all-time high at $68,550, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.63 percent, while Ethereum 1.76 percent. Meanwhile, Litecoin (LTC) is the top performer, with a gain of 20 percent.

Bitcoin price movement in the last 24 hours: Bitcoin continues higher, sets new all-time high at $68,550

BTC/USD traded in a range of $65,264.68 – $68,530.34, indicating strong volatility over the last 24 hours. Trading volume has spiked by 22.59 percent, while the total trading volume stands at $41.79 billion. The total market cap trades around $1.28  billion, resulting in market dominance of 43.61 percent.

BTC/USD 4-hour chart: BTC retraces before another move higher? 

On the 4-hour chart, we can see a slight retracement after a new all-time high set, indicating we could see another move higher later today. 

Bitcoin Price Analysis: BTC spikes to a new all-time high at $68,550, more upside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw bullish momentum return over the past week. After a new all-time high was set at $67,000 at the end of October, the market saw consolidation between $60,000 – $63,000 for several weeks.

A slightly higher high was set on the 2nd of November, indicating more upside could follow later in the week. After a several-day retracement to $60,000, another move higher began over the weekend.

Early yesterday, the Bitcoin price action started to rapidly advance, moving to just under $67,000. After a slight consolidation, bulls regained momentum overnight, leading to a new all-time high set at $68,550.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new all-time high was set at $68,550 overnight. Small retracement followed as BTC/USD likely takes a pause before another 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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