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Bitcoin price analysis: BTC/USD retraces to $16640 after touching the support line yesterday

Bitcoin Price analysis 2022 11 06

TL;DR Breakdown

  • Bitcoin price analysis is bullish today
  • BTC/USD retraced to $16640 today
  • The positive sentiment for Bitcoin is building up
  • Bitcoin’s price can go further up in the next 24 hours

Bitcoin price analysis is noticeably bullish today as the market cap has gone up by 2.4 percent. In the last 24 hours, BTC/USD retraced from $16158 all the way to $16640. Overall, Bitcoin has been quite volatile recently.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heap map shows that the entire market has some positive sentiments today. Ethereum has gone up by 3.9 percent. At the same time, other altcoins like Ripple and Cardano are also in the greens. This is apparent from the fact that all the coins are trading in the green today.

1-day Bitcoin price anlaysis
Bitcoin Price Chart by TradingView

As the daily Bitcoin price analysis chart shows, the RSI level is currently at 40. So, the market is quite healthy and is not leaning towards either the oversold or overbought side. The MACD indicator is also showing some healthy growth with a crossover in the lines impending. This means that Bitcoin might further retrace toward the upside in the coming 24 hours.

Bitcoin 24-hour price movement

In the last 24 hours, Bitcoin managed to mark a 24-hour high of $16640 after retracing from yesterday’s closing price of $16158. If we consider its overall market cap, there has been an increase of 2.41 percent. So, the overall 24-hour volume to market cap ratio is currently standing at 0.1026.

4-hour Bitcoin price analysis: Is BTC/USD gearing for the upside?

4-hour Bitcoin price anlaysis
Bitcoin Price Chart by TradingView

Based on the 4-hour Bitcoin price analysis, one can say that Bitcoin might be gearing up for the upside in the next few intervals. We can see that the histograms on the MACD indicator show positive sentiment. However, the RSI might be leaning a little toward the overbought side.

However, if we refer back to the daily chart, it is obvious that the overall positive momentum for Bitcoin is still building up. This can further push its price up in the coming few hours.

Bitcoin price analysis: Conclusion

Based on the daily and 4-hour Bitcoin price analysis, we can conclude that there is still room for Bitcoin’s price to go up in the next few hours. So it is a good time for traders to invest, especially those who are looking for a short-term profit.

However, as always, one should remember that the crypto market as a whole, is full of uncertainties. The market can be volatile and sometimes move in the opposite direction. So, make sure that you are only investing what you can afford to lose.

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.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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