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Bitcoin Price Analysis: BTC returns below $60,000, another drop to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD rejected upside at $61,000 overnight.
  • Bitcoin returned below $60,00 this morning.

Bitcoin price analysis is bearish today as we saw upside rejected again at $61,000 overnight, leading to a return below $60,000. Therefore, BTC/USD will likely see further downside over the next 24 hours.

Bitcoin Price Analysis: BTC returns below $60,000, another drop to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bearish momentum again over the last 24 hours. The market leaders, Bitcoin and Ethereum, declined by 0.83 and 0.48 percent, respectively. Meanwhile, the rest of the top altcoins have seen an even bigger loss.

Bitcoin price movement in the last 24 hours: Bitcoin returns below $60,000 as upside was rejected

BTC/USD traded in a range of $58,867.34 – $60,948.50, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 15.38 percent, totaling $34.77 billion, while the total market cap trades around $1.11 trillion, resulting in market dominance of 43.43 percent.

BTC/USD 4-hour chart: BTC looks to test more downside

On the 4-hour chart, we can see bearish momentum taking over this morning, leading the Bitcoin price action towards the previous swing low.

Bitcoin Price Analysis: BTC returns below $60,000, another drop to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong bearish momentum return this week again. After a new all-time high was set at $68,550 on the 9th of November, BTC/USD saw the initial drop to $63,000.

From there, a reaction higher to $65,000 followed before the low was retested again. Strong retracement to $66,000 followed on the 14th of November, establishing a clear lower high before a massive drop began late Monday.

This time, the Bitcoin price action found support at $58,600, moving into a consolidation since. Overnight, the upside was tested again with rejection, reversing BTC/USD back below $60,000, potentially resulting in more downside over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw the $59,000 support tested again over the past hours after rejection for upside overnight. Therefore, we can assume that BTC/USD is not yet ready to move higher.

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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