- Bitcoin price analysis is bearish today.
- BTC/USD rallied towards $59,000 overnight.
- Market prepares to reverse.
Bitcoin price analysis is bearish today as we expect another lower high to be set at $59,000, reversing BTC later today. Therefore, BTC/USD is likely headed for another strong push lower over the next 24 hours.
The cryptocurrency market traded mostly in the green today. The market leader, Bitcoin, gained 1.12 percent, while Ethereum 1.76 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of over 8 percent.
Bitcoin price movement in the last 24 hours: Bitcoin retraces to $59,000 after lower low set at $56,000
BTC/USD traded in a range of $57,604.35 – $59,040.61, indicating a substantial amount of volatility over the last 24 hours. Trading volume has declined by 20.88 percent, totaling $34.3 billion. Meanwhile, the total market capitalization trades around $1.1 trillion, resulting in market dominance of 42.20 percent.
BTC/USD 4-hour chart: BTC looking to reverse below $59,000?
On the 4-hour chart, we can see the Bitcoin price action consolidating below $59,000 over the past hours, likely leading to reversal later today.
After a strong beginning of November, the Bitcoin price action saw a new all-time high reached at $68,550 on the 9th of November. However, after another upside test a day later, a sharp reaction lower to $63,000 followed.
BTC/USD made another effort to move higher late last week, peaking at $66,000 before another sharp drop lower followed at the beginning of this week. Initially, BTC found support at $59,000, with a further drop to $56,000 seen on Thursday.
Bitcoin price did not trade at the $56,000 mark for long as swift recovery followed yesterday. Overnight, BTC/USD reached the $59,000 previous support, with consolidation seen since. Likely, a reversal from the resistance will follow, meaning that further downside should be tested over the next days.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect the $59,000 to prevent further upside. Likely BTC/USD will move lower over the next 24 hours, continuing the overall several-week bearish momentum.