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Bitcoin price analysis: BTC violently bottoms out at $16,000, spikes to $18,000

Bitcoin Price analysis 2022 11 10

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD found support at $16,000.
  • Strong buying pressure seen over the past hours.

Bitcoin price analysis is bullish today as we have seen a strong reaction at the $16,000 support and a swift move higher over the past hours. Therefore, BTC/USD is ready to continue even higher and push back above $18,000 overnight.

Bitcoin price analysis: BTC violently bottoms out at $16,000, spikes to $18,000 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.04 percent after a swift reaction higher, while Ethereum gained 7.65 percent. The rest of the top altcoins traded somewhere in between.

Bitcoin price movement in the last 24 hours: Bitcoin sets new swing low

BTC/USD traded in a range of $15,682.69 to $17,747.49, indicating extreme volatility over the last 24 hours. Trading volume has declined by 17.48 percent, totaling $104.55 billion, while the total market cap traded around $338.17 billion, resulting in market dominance of 38.11 percent.

BTC/USD 4-hour chart: BTC looks to break $18,000 resistance

On the 4-hour chart, we can see strong bullish momentum taking over over the second half of the day, likely leading BTC to retrace above the $18,000 resistance.

Bitcoin price analysis: BTC bottoms out at $16,000, quickly spikes to $18,000
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded with strong selling pressure over the past days. After the last move higher last weekend took BTC/USD to $21,500, selling pressure started to quickly return as the $20,000 previous low was quickly broken on Tuesday.

Further selling quickly followed the $18,000 support, where a slight reaction higher was seen for a short while. However, recovery did not follow, leading BTC towards further downside yesterday.

Eventually, Bitcoin price action found support around the $16,000 mark, with another quick reaction higher seen shortly after. Since then, BTC/USD has rapidly regained previous loss and currently looks to test the $18,000 previous support turned resistance.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen a strong reaction from the $16,000 support overnight and a swift move higher later in the day. Therefore, we expect BTC/USD to continue higher over the rest of the day to recover more from the loss seen over the past days. 

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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