The price of bitcoin soared at the start of October, and three weeks later, we’d already hit a new all-time high, as well as a pullback triggered by a new resistance. Bitcoin appears to have found a firm support to prevent any declines, and industry optimism signals that a new rise is on the way sooner rather than later
Over the last 24 hours, the entire market has had mixed results. Ethereum is down 2.69 percent, while Bitcoin is down 2.2 percent. Solana and Teraa, on the other hand, have outperformed the market by almost 8%.
Bitcoin Journey to $70k.
Bitcoin’s price has to be protected from its quick rise beyond $66,000 and close to $67,000. The coin soared beyond $66k far too soon and unexpectedly in order to secure the new support at $66,000, which it needed to stay at this level.
BTC crashed all the way down to its next greatest support, which is $62k and has also further slipped to $60k where it is trading at the time of writing.
The $62,000 resistance level is important. Bitcoin now has to deal with the important resistance level of $63,500, which it previously attempted to surpass in April only to have its price rejected.
In the overbought zone, the daily RSI established a single high. During prior BTC bull runs, the RSI has crossed into the upper zone multiple times before reversals. For example, during BTC’s late-July rise, the RSI reached six new highs above 70 before reversing.
Bitcoin must secure fresh support levels higher and higher in order to continue to grow. This would provide it with a safety net to prevent it from collapsing too hard if its price rose too quickly.
Is Bitcoin Price Programmed To Hit $250K In Q1 Of 2022?
The crypto town is now nearing the final leg of the fourth quarter, as December is right around the block. Folks from the industry are now spirited, as they pin high hopes on the twelfth month of the year. Consecutively, veterans from the business are anticipating BTC price to head a bullish trot to the 5-digit milepost. Which Bitcoiners have been for anxiously?
A protagonist from the crypto town edifies on the massive bull run of the star crypto. While hinting at a major cascading fall in the second quarter of 2022. On the trot, veterans are hopeful of BTC price conquering the $100,000 milestone by the EOY.
Are Bitcoin Bulls Burning The Midnight Oil?
The market continues to traverse along the lengthening cycle, which is now being referred to as the Supercycle. The market capitalization of the industry is currently up by 1.5% at $2,749,150,441,197. While the volumes for 24-hours are at $170,243,823,638. The dominance of the market chief is at 39.5%.
The popular protagonist from the market is anticipating another bull cycle with Bitcoin price running to cliffs above $250,000. Howbeit, he also expects a standard 80% correction paving the way to a bottom around May of 2021.
Another analyst from the crypto street mentions that the floor model $98,000 November close will probably be the first miss. Post nailing the previous 3-months. He further cites that the SRF model is not affected and that it is indeed on track towards the $100,000.
Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K. pic.twitter.com/QO3bRUoGo3— PlanB (@100trillionUSD) November 25, 2021
This Is How BTC Price Is Faring On The Charts!
BTC price at press time is trading at $57,549.10 with negligible gains of 0.1%. The market cap of the digital coin is hovering around $1,086,722,196,563. While the trade volumes for 24-hours are at $32,119,836,182. BTC price has been traversing along with the bandwidth from $57,313.69 to $59,445.12.
The price of the market leader brushing close to the $60,000, has reinstated hope for a bullish move amongst Bitcoiners. However, $60,000 remains crucial for the digital asset to make a move towards greater highs. This is imminent as traders have been accumulating the dips. Moreover, about 81.6% of Bitcoin supply not on exchanges is currently in possession of long-term holders. Previous phases of long-term holder supply have set the stage for subsequent bull runs.
Collectively, BTC prices might break through the short-term barriers in the near time. While netizens have been impending the star crypto to hit $100,000 by the end of the year. Hopefully, the Christmas season brings fortunes to the industry.
Bitcoin Price Analysis: BTC continues to consolidate above $56,000, break lower to follow?
- Bitcoin price analysis is bearish today.
- BTC/USD continued to set lower highs.
- Support at $56,000 is currently tested again.
Bitcoin price analysis is bearish today as we expect more downside to follow later today after another lower high was set yesterday. Likely we will see BTC/USD break the $56,000 support, which would mean a lot more downside over the rest of the week would follow.
The market has seen mostly bearish results over the last 24 hours. The market leader, Bitcoin, is down by 2.29 percent, while Ethereum has lost 1.06 percent. Meanwhile, Crypto.com Coin (CRO) continues to dominate, with a gain of over 18 percent.
Bitcoin price movement in the last 24 hours: Bitcoin sets lower high, returns to $56,000
BTC/USD traded in a range of $56,109.26 – $57,875.52, indicating mild volatility over the last 24 hours. Trading volume has declined by 7.55 percent, totaling $33.8 billion, while the total market cap trades around $1 trillion, resulting in a market dominance of 41.66 percent.
BTC/USD 4-hour chart: BTC looks to break lower?
On the 4-hour chart, we can see bearish momentum still strong for the Bitcoin price action as the $56,000 support gets tested again.
After a strong beginning of November, when the Bitcoin price reached a new all-time high at $69,000, a sharp reversal began the current downtrend on the 10th of November. BTC/USD has since retraced almost 20 percent to the current low at $56,000.
The following reaction set a strong lower high at $60,000 before bears took over again. On Monday, we saw BTC test the $56,000 mark again, with rejection for more downside.
Another lower high was established around $58,000 yesterday, indicating that the Bitcoin price action is effectively trading in an increasingly tighter range. The bottom of the consolidation is currently tested again, potentially leading to a break lower over the next 24 hours.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bearish today as we expect the $56,000 to be tested again after a lower high set yesterday around $58,000. Likely we will see BTC/USD break lower, finally setting another lower low.
While waiting for Bitcoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
Bitcoin Price Analysis: market highly volatile, high support at $56,097
- Market highly volatile may decrease soon.
- Strongest support at $56,097.
- Strongest resistance at $68,497.
The Bitcoin Price Analysis has shown us that the costs of the assets have been experiencing a decline, but the market being wildly volatile, it’s hard to say if the prices will go up or down. That said, the prices are steadily going down with a few fluctuations. As of 21 November 2021, the prices experienced a flash-crash and dropped to a price just below $58,400; after this, the price gradually kept going down until finally escalating to a rigorous degree. The price went as high as $58,800 only to slowly come plunge again.
Bitcoin Price 4-hour chart analysis: Increasing volatility
The Bitcoin Price analysis chart shows that the volatility is increasing and is likely to keep growing, making it a highly unpredictable market for the king of cryptocurrency. But as the costs of the prices keep fluctuating, it has been observed that the price stays in the lower value slot more often than escalating; that being said, it’s possible that once the price is down, the bulls will jump in and make the price escalate, dominating the market overall.
The Bitcoin Price analysis chart indicates that the upper limit of the Bollinger’s band is at $60,291, which is the resistance and the lower limit of the Bollinger’s band rests at $56,097, being the support of the assets. The moving average curve seems to be under the BTC/USD price, indicating a bearish trend.
The Relative Strength Indes (RSI) has decreased although not significantly, but now it has a value of 40. As of now, assets of the king of cryptocurrency are neither undervalued nor oversold. Although, soon that might change; since the trend being observed is bearish, likely, the assets will quickly be devalued, but then again, due to the high volatility, the market seems to be very unpredictable.
BTC/USD 1-day analysis chart: chances of variation continue to escalate
Observing The Bitcoin Price analysis chart suggests that the market’s volatility has increased after experiencing some hiccups; the market is not more prone to change than the last few days. The upper limit of the Bollinger’s band is $68,497, being the resistance, and the lower limit of the Bollinger’s band rests at $55,128; there is a pretty massive gap between the resistance and support, which makes it somewhat confusing for the buyers and the seller to deal in their assets.
After analyzing the Bitcoin Price analysis chart, it has been deduced that The Relative Strength Index (RSI) is at 40, placing the assets of the king of cryptocurrency on middle ground, neither oversold nor undervalued. Considering how the market has gotten very volatile, there is no telling whether the prices will escalate to plummet entirely. As of now, neither the bulls nor the bears are dominating the market.
Bitcoin Price Analysis: conclusion
Concluding the Bitcoin Price Analysis, we have come to know that the king of cryptocurrency still holds the throne, and while it has faced some devaluation, it’s not enough for it to leave the number 1 spot. If the bulls somehow manage to dominate the market again, the king of cryptocurrency will have a relatively good chance of reaching the $70,000 mark. Since the market keeps getting more volatile, it is getting harder to predict patterns in cost changes which means that it’s anyone’s game now.
According to observations made by analyzing the Bitcoin Price charts, the stable support lies at $56,097, which specifies a bearish movement; the bears not entirely are controlling the market, but somewhat.