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Bitcoin Price Analysis: BTC rallies to $59,000, swift reversal to follow?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD saw the $56,000 support hold yesterday.
  • Lower high is likely to be set around $59,000.

Bitcoin price analysis is bearish today as we expect another lower high to be set around the current price levels after a steady advance over the last 24 hours. BTC/USD should continue lower and test the $56,000 support again by the end of the week.

Bitcoin Price Analysis: BTC rallies to $59,000, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum take over today, with Bitcoin up 4.37 and Ethereum by 6.18 percent. The rest of the top altcoins follow, with Avalanche (AVAX) leading the way as it has gained over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin recovers after a retest of $56,000 support

BTC/USD traded in a range of $55,964.22 – $58,882.06, indicating substantial volatility over the last 24 hours. Trading volume has increased by 3.95 percent, totaling $35.15 billion, while the total market cap trades around $1.1 trillion, resulting in market dominance of 41.71 percent.

BTC/USD 4-hour chart: BTC current tests $59,000

On the 4-hour chart, we can see the Bitcoin price rallying to $59,000, where selling pressure could return later today as bears are looking for another lower high to be set.

Bitcoin Price Analysis: BTC rallies to $59,000, reversal to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has found strong support at the $56,000 mark this week. After declining from $69,000 during the middle of the month, the support was reached first on the 19th of November.

Retracement to $60,000 followed, setting a clear lower high before selling pressure returned. Over the weekend, BTC/USD slowly declined back to $56,000, with a small consolidation formed on Monday.

After several attempts to break lower, the Bitcoin price action started to move higher late yesterday. Currently, BTC/USD has reached the $59,000 mark, which is an area where another lower high will likely be set over the next 24 hours, given the current market sentiment. Therefore, we will likely see BTC test downside again by the end of the week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect not much further upside after a steady retracement over the last 24 hours from the retest of the $56,000 mark. Likely BTC/USD will set another lower low, before moving to finally break below the current swing low and continue the overall several-week bearish trend.

While waiting for Bitcoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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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