Bitcoin Price Analysis: BTC breaks previous low at $56,000, drops 10 percent
- Bitcoin price analysis is bullish for today.
- BTC/USD spiked below $56,000 support.
- Support was found at $54,000.
Bitcoin price analysis is bullish today as we can see recovery over the last 24 hours after the $54,000 mark was reached. Therefore, BTC/USD has set a new lower low and is ready to retrace some of the loss later today.
The crypto market overall has seen strong selling pressure return over the last 24 hours. The market leader, Bitcoin, has declined by 6.53 percent, while Ethereum has lost 8.06 percent. Meanwhile, the rest of the top altcoins have seen even worse results.
Bitcoin price movement in the last 24 hours: Bitcoin peaks at $59,000, drops 10 percent in less than a day
BTC/USD traded in a range of $53,625.21 – $59,367.97, indicating strong volatility over the last 24 hours. Trading volume has increased by 24.1 percent, totaling $43 billion, while the total market cap trades around $1 trillion, resulting in a market dominance of 41.77 percent.
BTC/USD 4-hour chart: BTC finds support around $54,000
On the 4-hour chart, we can see recovery starting to gain momentum for the Bitcoin price as a further downside was rejected below $54,000 over the past hours.
Bitcoin price saw a slowdown in the several-week bearish momentum over the past days. After setting a new all-time high at $69,000 on the 10th of November, a strong decline was seen until the $56,000 mark was reached on the 19th of November.
Reaction to $60,000, where a lower high was set followed. On Monday, selling pressure returned, moving BTC/USD back to the $56,000 low. Further downside was not seen after several attempts to break lower, forming a consolidation.
From there, the Bitcoin price set another lower high slightly above $59,000 yesterday before starting to move lower overnight. The previous low at $56,000 was broken by the morning, sending BTC/USD to a new low around the $54,000 mark, where buying pressure started to come back.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish today as we expect recovery to follow after a strong spike to $54,000 today. Since buying pressure has returned, we expect BTC/USD to look for a retracement over the next 24 hours as a new lower low is set.
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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