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Bitcoin price analysis: BTC slowly retraces, higher local low set at $16,500?

Bitcoin Price analysis 2022 11 12

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD formed consolidation overnight.
  • Momentum currently very low.

Bitcoin price analysis is bullish today as we expect another higher local low to be set and further push higher to follow over the next days. Therefore, BTC/USD should soon break above $18,000 local resistance and attempt to recover even further.

Bitcoin price analysis: BTC slowly retraces, higher local low set at $16,500? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours, with the leaders, Bitcoin and Ethereum gaining 0.35 and 1.29 percent, respectively. Meanwhile, the top performer of the day was Dogecoin as it gained over 10.5 percent.

Bitcoin price movement in the last 24 hours: Bitcoin formed consolidation around $17,000

BTC/USD traded in a range of $16,630.07 to $17,066.68, indicating slight volatility over the last 24 hours. Trading volume has declined by 38.63 percent, totaling $38.32 billion, while the total market cap traded around $324..9 billion, resulting in market dominance of 38..12 percent.

BTC/USD 4-hour chart: BTC prepares to continue higher?

On the 4-hour chart, we can see failure to move any lower over the past hours, indicating that another push higher should begin overnight.

Bitcoin price analysis: BTC slowly retraces, higher local low set?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen several days of strong decline earlier this week. After a new low was reached at $16,000 support, BTC/USD reacted to $18,000 on Thursday, setting the first sign of recovery to come.

Further upside could not be reached, leading BTC to retrace over the last 24 hours. Signs of support were seen above $16,500 yesterday, leading to consolidation in an increasingly tighter range since.

Bitcoin price is likely now ready to set a higher low and move to recover even further. Move above the $18,000 resistance can be expected next, with the $18,800 resistance likely the next target to be tested. Once that is done, BTC/USD should set another higher low next week and continue higher from there.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bullish today as we have seen consolidation around $17,000 over the last 24 hours after a slight retrace earlier. Therefore, BTC/USD is ready to continue even higher and break above the $18,000 resistance to continue recovering from the strong decline seen earlier in the week.

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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