- Bitcoin price analysis is bearish today.
- BTC/USD continued to retrace overnight.
- $67,000 previous resistance failed to act as a support.
Bitcoin price analysis is bearish today as we expect further downside to follow over the next 24 hours after a new all-time high was set at $68,550 yesterday. Therefore, BTC/USD needs even more substantial retracement before more upside can be tested.
The overall market momentum has turned bearish over the last 24 hours. Market leaders, Bitcoin and Ethereum, are down by 2.03 and 1.73 percent. Meanwhile, Litecoin continues to advance with a further gain of over 10 percent.
Bitcoin price movement in the last 24 hours: Bitcoin starts to retrace after a new all-time high set at $68,550
BTC/USD traded in a range of $66,319.29 – $68,129.31, indicating mild volatility over the last 24 hours. Trading volume has declined by 13.88 percent and totals $35.95 billion, while the total market cap trades around $1.254 trillion, resulting in a market dominance of 43.33 percent.
BTC/USD 4-hour chart: BTC to continue lower?
On the 4-hour chart, we can see the Bitcoin price action moving below the previous resistance at $67,000, likely leading towards the $64,000 mark next.
Bitcoin price action saw bullish momentum return so far in November. After a new all-time high was set at $67,000 on the 20th of October, a steady retracement to $58,000 followed.
BTC/USD started to reverse by setting a higher low on the 1st of November and a higher high the following day. From there, a final test of $60,000 major support area followed last weekend before a strong advance began.
We saw the Bitcoin price action break out above previous highs on Monday, quickly reaching the previous all-time high. After some hesitation below $67,000, BTC/USD spiked to $68,550 overnight, setting a new all-time high.
However, since then, bearish momentum has returned as a retracement is needed before more upside can be seen. Likely we will see Bitcoin retrace to $64,000 previous resistance to be retested as support.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect the current retracement to continue after a strong higher high was set early yesterday. Therefore, BTC/USD is likely headed towards the $64,000 previous resistance.