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Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high slowly set?

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  • Bitcoin price analysis indicates bearish momentum to follow.
  • BTC/USD consolidates below $62,000.
  • Next target to the downside at $56,000. 

Bitcoin price analysis is bearish today as another lower high has been established around $62,000 as recovery was seen yesterday. Therefore, we expect another push to the downside, with the next target at the $56,000 mark.

Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high slowly set? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin lost 0.15 percent, while Ethereum gained 3.7 percent. Meanwhile, Shiba Inu (SHIB) has struggled, with a loss of 11.7 percent.

Bitcoin price movement in the last 24 hours: Bitcoin rallies back to $62,000, consolidation formed below

BTC/USD traded in a range of $58,206.92 – $62,128.63, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 0.72 percent and totals $41 billion, while the total market cap trades around $1.152 trillion, resulting in market dominance of 44.15 percent.

BTC/USD 4-hour chart: BTC to pivot to the downside later today?

On the 4-hour chart, we can see consolidation formed below $62,000 as further upside is rejected, indicating a reversal to the downside should follow later today.

Bitcoin Price Analysis: BTC consolidates below $62,000, another lower high set?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a bearish momentum return over the past week. After strong first weeks of October, a new all-time high was set at $67,000 on the 20th of October.

However, after a strong retracement to $60,000, further upside could not be reached as a lower high was set at $64,000. From there, BTC/USD saw another decline on Tuesday, this time setting a lower low at $58,000.

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Yesterday, some of the loss was recovered as the Bitcoin price action retraced to $62,000. Since then, BTC/USD has consolidated below the resistance, likely as bears prepare to push the market even lower. 

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as another higher low has been established below $62,000 after bulls failed to move higher yesterday. Therefore, we expect BTC/USD to move lower again over the next 24 hours.

While waiting for Bitcoin to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Bitcoin Price Flash Crashed to $28.8K on Huobi: Over $2.5B Total Liquidations in 24 Hours

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While bitcoin dumped to $42,000 on most exchanges, Huobi saw a more substantial drop as BTC went below $30,000.

A flash crash transpired on Huobi as BTC went all the way down to $28,800 before recovering just as sharply. At the same time, the liquidations are well above $2.5 trillion on a daily scale as the entire market is deep in the red.

  • As reported earlier, bitcoin, and the entire cryptocurrency market, went through one of its worst crashes in recent history. BTC plummeted by $16,000 in a day from around $58,000 to an intraday low of $42,000 on Bitstamp and most exchanges.
  • However, other trading venues saw even more dramatic price drops. Such was the case with the BTC/USDC trading pair on Huobi, where bitcoin dropped all the way down to $28,801, as the picture below shows.
BTC/USDC on Huobi. Source: TradingView
BTC/USDC on Huobi. Source: TradingView
  • Such events are known as flash crashes, in which the price of the underlying asset drops significantly lower on one (or more) exchanges compared to most and recovers immediately.
  • As it happened in previous times that CryptoPotato reported, the price of BTC recovered just as quickly as it fell.
  • Separately, the aforementioned market dump, which caused massive double-digit price nosedives for almost all coins, resulted in severe pain for leveraged traders.
  • According to data from CoinGlass (formerly known as Bybt), the total liquidations are above $2.5 billion on a daily scale. In the past 4 hours alone, the liquidations are over $1.5 billion.
  • The number of traders liquidated is just shy of 400,000, and the largest single liquidation order was worth $28 million and transpired on Bitfinex.
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Bitcoin Price

Bitcoin price analysis: Bitcoin hits lowest since mid-Oct, breaks below $50k; falling to $47k range

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  • Bitcoin price analysis is bearish today.
  • BTC has fallen below the psychological mark of $50k.
  • Bitcoin continues to look for support.

The Bitcoin price analysis report reveals a dramatic bearish situation as the Bitcoin fell below the $50,000 range today, and a sudden drift towards the $47,000 range has been observed as well. This looks like the strongest correction after May 2021, when Bitcoin closed below the EMA100, as the bearish pressure is immense and something the same is happeninging again. Speculations for BTC to go as low as $48,000, even down to 45,000 were already in the market, and the bearish indications for the past few days were already confirming them. But speculations are speculations, and rumors are rumors. What happened today was expected, but it came as a surprise to many in such a sudden plunge.

BTC/USD 1-day price chart: BTC looks for support

The 1-day price chart for Bitcoin price analysis shows a steep decrease in the coin’s value as it came down from $53,725 all the way down to $47380 today in just a few hours, losing more than $6000 in price value. A swing low towards $42,000 was also observed. The BTC/USD yet have to clench on to a support, as all previous support zones have fallen one by one. BTC has lost 16 percent value over the last 24 hours and around 12 percent over the past week. On the other hand, the trading volume has increased by 69 percent over the last day but the market cap suffered by 16.42 percent.

Bitcoin price analysis: Bitcoin hits lowest since mid-Oct, breaks below $50k; falling to $47k range 1

The volatility indicator shows comparatively high volatility, but BTC price has stepped far below the lower limit of the Bollinger bands. The lower limit at $50,834 represented support for BTC, which just fell and turned into a resistance zone now. The moving average (MA) is present at the $55071 mark.

The relative strength index (RSI) was already on a downwards slope giving bearish indications, but today it dived straight down and has just dipped into the oversold region, which is a strong bearish territory. As the RSI just touched index 29, the BTC has turned undervalued, so a little reversal in price function can be expected in the coming hours.

Bitcoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Bitcoin price analysis shows the coin fell to $51,9668 during the first four hours today and then suddenly took a deep plunge towards $47,256. Bitcoin hasn’t found support yet as it continues to decline.

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Bitcoin price analysis: Bitcoin hits lowest since mid-Oct, breaks below $50k; falling to $47k range 2
BTC/USD 4-hours price chart. Source: Tradingview

The volatility indicator started to diverge yesterday and took on to more steeper divergence today as the bearish pressure exceeded the expectation, and the price started falling tremendously, BTC price is trading below the lower limit of the Bollinger bands, and the moving average has also traveled low and is present at the $54,407 level. The RSI shows a critical situation as it has stooped low in the oversold region and is present at index 17, indicating high undervaluation at the moment.

Bitcoin price analysis: Conclusion

Bitcoin was first speculated to bounce of around $50,000 range, but that did not happen, then the second was 44,000 speculation for a bounce upwards, which seems correct at the moment, but as the coin hasn’t got the support yet, nothing can be said with confirmation, we can only assume for Bitcoin to float above $45,000 today.

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Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow?

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  • Bitcoin price analysis is bearish today.
  • BTC/USD spiked to $59,000.
  • Closest support at $56,000.

Bitcoin price analysis is bearish today as we saw upside rejected after a quick rally today. Therefore, BTC/USD is not yet ready to set higher highs, and we will likely see more downside tested over the next 24 hours.

Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, declined by 2.29 percent, while Ethereum gained 3.55 percent. Terra (LUNA) was the top performer, with a gain of 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $59,000 previous high, quickly rejects lower

BTC/USD traded in a range of $56,375.16 – $58,879.67, indicating strong volatility over the last 24 hours. Trading volume has increased by 19.75 percent, totaling $39.4 billion, while the total market cap trades around $1.08 trillion, resulting in market dominance of 41.17 percent.

BTC/USD 4-hour chart: BTC looks to test downside again

On the 4-hour chart, we can see the Bitcoin price action returning towards previous support over the last hours, likely leading to another retest of the $56,000 support.

Bitcoin Price Analysis: BTC rejects upside at $59,000, more downside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has traded in a clear bearish momentum for most of November. After a quick spike higher on the 8th of November, a new all-time high was set at $69,000. From there, BTC/USD saw a strong reversal over the next week.

Almost 20 percent were lost until strong support was finally found at $56,000 on the 19th of November. After a brief retracement, the support got retested again on the 23rd of November. 

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Meanwhile, further lower highs were set, indicating a bearish market structure still in play. This gave the momentum for bears to finally break another lower low to $53,500 last Friday. 

After some consolidation over the weekend, the Bitcoin price saw a quick reaction higher overnight to Monday. Initially, the $58,280 mark was reached, with further higher highs reached with quick spikes higher over the last 24 hours.

Ultimately, the $59,000 previous high was not broken, meaning that another wave lower should follow over the next days.

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Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw the $59,000 resistance reject the market lower over the past hours. Therefore, BTC/USD is still not ready to break previous highs, likely leading to more downside later this week.

While waiting for Bitcoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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