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Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD saw a massive selloff yesterday.
  • Support was found at $63,000.

Bitcoin price analysis is bullish today as a strong higher low was set at $63,000 after a quick spike lower. Therefore, BTC/USD market structure is now ready for another attempt to push higher.

Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours. Bitcoin dropped by 2.21 percent, while Ethereum by 0.54 percent during the period. One of the leaders yesterday, Litecoin (LTC), is among the worst performers today, with a loss of over 7 percent.

Bitcoin price movement in the last 24 hours: Bitcoin drops 9 percent after failing to breach $68,550 

BTC/USD traded in a range of $63,208.11 – $68,742.31, indicating strong volatility over the last 24 hours. Trading volume has increased by 40.34 percent and totals $50.84 billion, while the total market cap trades around $1.232 trillion, resulting in market dominance of 43.13 percent.

BTC/USD 4-hour chart: BTC starts to recover as more downside is rejected

On the 4-hour chart, we can see the Bitcoin price returning above $65,000, indicating that a strong higher low was set during the overnight selloff.

Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established?
BTC/USD 4-hour chart. Source: TradingView

After sideways trading around $60,000 support and $63,000 resistance over the past weeks, Bitcoin price saw a massive advance on Monday. A new all-time high was set at $68,550 after some struggle below the $67,000 previous major high.

On Tuesday, a slow retracement followed, with a brief spike higher seen yesterday. From there, a drop of almost 9 percent was seen in a couple of hours. The drop led to a quick test of the $63,000 previous major resistance close to the end of the day.

Rejection for further downside followed, quickly returning BTC/USD above $64,000 next resistance turned support. Likely the Bitcoin price action is now ready to continue higher, with the expectation that a new all-time high could be set by the end of the week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a strong higher low has been set after rejection for further downside around $63,000 previous resistance. Therefore, BTC/USD is likely ready to recover and look to move for another push higher later today.

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