Analysis

Bitcoin Price Analysis: BTC fails to hold above $65,000, tests downside again

TL;DR Breakdown

Bitcoin price analysis is bullish today.
BTC/USD declined overnight.
Closest support at $63,000.

Bitcoin price analysis is bullish today as another retest of the $63,000 support will likely result in a reversal over the next 24 hours. Therefore, we expect BTC/USD to set another higher low before moving back to the upside.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin declined by 1.61 percent, while Ethereum lost 2.19 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of around 5.8 percent.

Bitcoin price movement in the last 24 hours: Bitcoin consolidates around $65,000, drop lower again

BTC/USD traded in a range of $63,334.05 – $65,460.81, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 25 percent and totals $37.14 billion, while the total market cap trades around $1.2 trillion, resulting in the market dominance of 43.35 percent.

BTC/USD 4-hour chart: BTC finds support above $63,000

On the 4-hour chart, we can see the Bitcoin price dropping again today after consolidation yesterday. The $63,000 mark still offers strong support, likely leading to reversal later today.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin price saw a strong advance at the beginning of this week, resulting in a new all-time high set at $68,550 early on Tuesday. After a brief retracement, the second upside test followed on Wednesday, leading to a double top.

From there, BTC/USD saw a sharp drop to $63,000 previous resistance turned support, with clear rejection for further downside. Bitcoin quickly reacted to $65,000, where a consolidation followed yesterday.

However, bearish momentum resumed earlier today, leading the Bitcoin price action back to $63,000. Currently, we can see the support rejecting downside again as buying pressure has returned over the past hours. Likely we will see BTC/USD continue higher over the next 24 hours to prepare for the next major upswing.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish today as we expect the $63,000 mark to prevent further downside again, leading to another higher low set. Therefore, BTC/USD should reverse over the next 24 hours and move back towards the $65,000 consolidation.

While waiting for Bitcoin to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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