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Bitcoin Price

Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD retested the $58,000 support overnight.
  • BTC returned above $60,000 earlier today. 

Bitcoin price analysis is bullish today as we saw rejection for further downside again, leading BTC back above $60,000. Therefore, we expect BTC/USD to continue higher later today, with the $63,000 mark being the closest resistance.

Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin declined by 0.37 percent, while Ethereum lost 1.14 percent. Meanwhile, Avalanche (AVAX) gained over 15 percent and is the top performer.

Bitcoin price movement in the last 24 hours: Bitcoin retests $58,500 support before returning above $60,000

BTC/USD traded in a range of $58,515.41 – $66,306.29, indicating strong volatility over the last 24 hours. Trading volume has declined by 9.97 percent and totals $41.1 billion, while the total market cap trades around $1.14 trillion, resulting in the market dominance of 43.22 percent.

BTC/USD 4-hour chart: BTC ready to regain loss?

On the 4-hour chart, we can see bullish momentum returning over the last hours as Bitcoin price has returned above $60,000

Bitcoin Price Analysis: BTC retests $58,500, ready to regain loss?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen strong bearish pressure return over the past week. A sharp drop followed after a new all-time high was set at $68,550 on the 9th of November and retested the following day.

BTC/USD quickly spiked to $63,000 previous resistance before stabilizing around $65,000. After another test of the support on the 12th of November, a rally to $66,000 followed, setting a clear lower high.

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On Monday, another drop lower was seen, quickly leading the Bitcoin price below $63,000 support until rejection for further downside was seen around $58,500. Another retest of the newly made low followed overnight, with downside rejected again. Overall, BTC/USD is likely ready to move higher over the next 24 hours.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we saw the $58,500 previous low retested with rejection for further downside. Therefore, BTC/USD is ready to regain the loss seen earlier this week.

While waiting for Bitcoin to move further, read our guides on eToro vs Coinbase, How to mine Bitcoin Classic, and Bitcoin vs Cardano.

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Bitcoin Price

Bitcoin Price Analysis: BTC slowly consolidates above $54,000, prepares to retrace?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD continues to respect support at $54,000.
  • Closest resistance at $56,000

Bitcoin price analysis is bullish today as we expect a retracement to follow after failure to reach more downside over the last 24 hours. Therefore, BTC/USD is set to recover some of the loss seen on Friday, with the closest resistance seen at $56,000 previous support.

Bitcoin Price Analysis: BTC slowly consolidates above $54,000, prepares to retrace? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen bearish sentiment over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red, with a loss of 0.98 and 1.02 percent. Meanwhile, Terra (LUNA) is one of the exceptions, with a gain of over 5 percent

Bitcoin price movement in the last 24 hours: Bitcoin consolidates above $54,000

BTC/USD traded in a range of $53,806.36 – $55,223.47, indicating small volatility over the last 24 hours. Trading volume has declined by 24.84 percent, totaling $24.4 billion, while the total market cap trades around $1 trillion, resulting in a market dominance of 41.79 percent.

BTC/USD 4-hour chart: BTC looks to reverse? 

On the 4-hour chart, we can see the Bitcoin price failing to move lower, likely leading to a reversal over the next 24 hours.

Bitcoin Price Analysis: BTC consolidates above $54,000, prepares to retrace?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price has seen previous bearish momentum slow down this week. After a strong decline last week to the $56,000 mark, the support was retested again early this week.

Bears failed to breach lower, resulting in a consolidation formed on Tuesday. From there, BTC/USD rallied to set another lower high, around $59,000, before moving lower again.

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This time, the $56,000 support failed, leading to the next support at $54,000 quickly reached. However, since then, the Bitcoin price action has consolidated close to the low as the market is indecisive on where to go next. The most likely scenario is a retracement from the previous lows as bears are likely exhausted after a strong selloff on Friday.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we expect more upside to be tested later today after the $54,000 support prevented further downside over the last 24 hours. Therefore, BTC/USD could see the $56,000 support tested as resistance later today.

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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Bitcoin Price Stumbles But On-Chain Metrics Still Intact!

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The cryptocurrency market has taken a hit as a result of concerns about a new Covid version that was discovered in South Africa. The price of Bitcoin is currently trading at $54,941 and has gained 1.5 percent in the last 24 hours.

Although the short-term price action appears bearish, the underlying fundamental and on-chain trend remains robust, implying that the bull market is likely to continue. Bitcoin has tested a significant uptrend support line near $54K, putting it in a critical technical support zone.

Despite a 22% drop from recent highs of $69K, the trend in on-chain measures is still very favourable. The fact that LTHs and miners aren’t selling aggressively is a tremendously optimistic sign. Long liquidations, younger coins realising losses, and, more lately, the macro risk-off related virus concerns have all contributed to the selling pressure.

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The SOPR is a basic on-chain data indicator that can indicate the current benefit of each exit on the blockchain or simply determine the ratio between the prices of a purchase and sell order.

If the SOPR number is more than one, it indicates that a trader made a profit on the market. Most short-term traders have quit at a loss in this situation, which means they’ll be looking at the entry as the price approaches their departure point. According to market statistics, the most selling pressure existed between $56,000 and $55,000.

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Short-term traders were the most active sellers on the market during yesterday’s severe sell-off, according to Glassnode data.The Spent Output Profit Ratio of short-term Bitcoin holders has sharply reduced, indicating that most short-term Bitcoin holders “panic sold” when the first cryptocurrency retraced a few percentage points, according to the presented graphic.

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Is Bitcoin Price Programmed To Hit $250K In Q1 Of 2022?

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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%

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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.

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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.

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