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Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD retested the $58,000 support overnight.
  • BTC returned above $60,000 earlier today. 

Bitcoin price analysis is bullish today as we saw rejection for further downside again, leading BTC back above $60,000. Therefore, we expect BTC/USD to continue higher later today, with the $63,000 mark being the closest resistance.

Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin declined by 0.37 percent, while Ethereum lost 1.14 percent. Meanwhile, Avalanche (AVAX) gained over 15 percent and is the top performer.

Bitcoin price movement in the last 24 hours: Bitcoin retests $58,500 support before returning above $60,000

BTC/USD traded in a range of $58,515.41 – $66,306.29, indicating strong volatility over the last 24 hours. Trading volume has declined by 9.97 percent and totals $41.1 billion, while the total market cap trades around $1.14 trillion, resulting in the market dominance of 43.22 percent.

BTC/USD 4-hour chart: BTC ready to regain loss?

On the 4-hour chart, we can see bullish momentum returning over the last hours as Bitcoin price has returned above $60,000

Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen strong bearish pressure return over the past week. A sharp drop followed after a new all-time high was set at $68,550 on the 9th of November and retested the following day.

BTC/USD quickly spiked to $63,000 previous resistance before stabilizing around $65,000. After another test of the support on the 12th of November, a rally to $66,000 followed, setting a clear lower high.

On Monday, another drop lower was seen, quickly leading the Bitcoin price below $63,000 support until rejection for further downside was seen around $58,500. Another retest of the newly made low followed overnight, with downside rejected again. Overall, BTC/USD is likely ready to move higher over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we saw the $58,500 previous low retested with rejection for further downside. Therefore, BTC/USD is ready to regain the loss seen earlier this week.

While waiting for Bitcoin to move further, read our guides on eToro vs Coinbase, How to mine Bitcoin Classic, and Bitcoin vs Cardano.

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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