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Bitcoin price analysis: BTC reverses at $21,500, slow retrace next week?

Bitcoin Price analysis 2022 11 06

TL;DR Breakdown

  • Bitcoin price analysis is bearish today.
  • BTC/USD continued to retrace overnight.
  • Bears are likely to retest $21,000 as support tomorrow.

Bitcoin price analysis is bearish today as we have seen strong higher high set at $21,500 yesterday and a steady retrace since. Therefore, BTC/USD should soon retrace and retest the $21,000 previous resistance as support.

Bitcoin price analysis: BTC reverses at $21,500, slow retrace next week? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.03 percent, while Ethereum 0.446 percent. The rest of the market moved with similar slightly bearish momentum.

Bitcoin price movement in the last 24 hours: Bitcoin moved back towards $21,000

BTC/USD traded in a range of $21,158.31 to $21,352.70, indicating mild volatility over the last 24 hours. Trading volume has declined by 36.44 percent, totaling $31.52 billion, while the total market cap traded around $408.54 billion, resulting in market dominance of 38.61 percent.

BTC/USD 4-hour chart: BTC moves with low momentum

On the 4-hour chart, we can see slight selling over the past hours, likely as sellers are yet not ready to breach the 21,000 resistance.

Bitcoin price analysis: BTC reverses at $21,500, slow retrace next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen steady retrace earlier in the week as double top reversal was formed below $21,000. Steady move back to $20,000 followed over several days, setting a consolidation range.

However, the following move higher managed to break past the $21,000 previous resistance after some quick reaction. Eventually, new high was set at $21,500, with a steady move lower seen since.

Likely Bitcoin price action will continue even lower overnight, opening the way for further retrace early next week. If another higher low is set above $20,000, we expect BTC/USD to attempt another wave higher later in the month. Otherwise, if previous support fails to hold, a lot more retrace could be seen over the rest of the month.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we have seen a steady retrace from the newly set swing high at $21,000 over the last 24 hours. Since no signs of bullish momentum were seen during the day, we expect BTC/USD to drop even lower and retrace past the $21,000 support.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

 

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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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