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Bitcoin Price Analysis: BTC returns above $65,000, market to slowly retrace before a continuation higher?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • Slightly higher high set at $66,000.
  • Retracement is likely to follow to prepare for further upside.

Bitcoin price analysis is bearish today as we expect a slight retracement after a higher high set above $65,000. Therefore, BTC/USD needs more time before the all-tiem high can be tested again.

Bitcoin Price Analysis: BTC returns above $65,000, market to slowly retrace before a continuation higher? 1
Cryptocurrency heat map. Source: Coin360

The broader market traded in the green over the last 24 hours. Bitcoin gained 1.38 percent, while Ethereum 2.74 percent. Meanwhile, VeChain and Tron are among the best performers, with a gain of around 7-8 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rallies to set higher high at $66,000

BTC/USD moved in a range of $63,647.81 – $66,281.57, meaning a moderate amount of volatility over the last 24 hours. Total trading volume has increased by just 1.37 percent and totals $27.73 billion, while the total market cap trades around $1.24 billion, resulting in the market dominance of 43.09 percent.

BTC/USD 4-hour chart: BTC looks to retrace to $64,000?

On the 4-hour chart, we can see bearish momentum returning for the Bitcoin price action as bulls are exhausted after setting a slightly higher local high.

Bitcoin Price Analysis: BTC returns above $65,000, market to retrace before continuation higher?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action saw bearish momentum take over last week. After a new all-time high was set at $68,550 on the 9th of November, a second retest of the high followed a day later, forming a double top.

From there, BTC/USD rapidly retraced, quickly reaching the $63,000 mark. Further downside was clearly rejected, leading to a consolidation of around $65,000. Another test of downside followed on the 12th of November, resulting in another rebound higher.

Since then, the Bitcoin price action has slowly moved higher, setting a higher low before moving to $66,000. Likely another slight retracement will follow over the next 24 hours as bulls prepare for the next major push higher.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw a slightly higher high set overnight, likely leading to a retracement next. Therefore, BTC/USD is headed lower later today to prepare for another push higher later in the week.

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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