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Bitcoin Price Analysis: market highly volatile, high support at $56,097

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  • 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.

Bitcoin Price Analysis: market highly volatile, high support at $56,097 1

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.

Bitcoin Price Analysis: market highly volatile, high support at $56,097 2
BTC/USD 1-day price chart source: Trading view

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.

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