With Bitcoin’s value still trading at around $40,000, it makes sense that a lot of investors are interested in seeing if this is an anomaly. However, until the market decides to turn, the analysis of how long it takes to correct a downward trend is relevant. So, the next question is: how long will it take before a new level is hit?
bitcoin price analysis – Bitcoin still trades around $4000, reversal incoming? The current Bitcoin price action is still below the $4,000 mark, as the cryptocurrency continues to struggle to regain its recent gains. The lack of any major news has been a big part of the issue, as Bitcoin has been unable to generate any momentum in the markets.
. We are covering Bitcoin price analysis for today on the 16th of November. Bitcoin is still trading at around $40,000. Today, the Bitcoin price has dropped all the way down to the $38,500 level. Still, we believe that it is going to test the $40,000 price level before it reverses the trend. The fall in the price of Bitcoin happened because the sell-off from the previous levels had run its course. We have seen a few false signals before, but that does not mean we should ignore them. In fact, every time the price of Bitcoin falls, we need to be cautious and stop watching the price and wait for the trend to clear its way. The recent fall in the price of BitcoinSummary of the situation
- BTC has been trading sideways all night.
- Further growth is still rejected.
- BTC could fall back to $37,000.
The bitcoin price analysis for today is bearish, as further gains were rejected overnight and the market moved sideways in preparation for a base from which it can push lower overnight. Therefore, we expect BTC/USD to decline in the next 24 hours and form a new higher low around $37,000. Crypto-currency heat map. Source: Coin360 The general market is trading in the green today. Bitcoin was up 2 percent and Ethereum was up 4.2 percent. Polka dot is one of the best performers, up 15%.
Bitcoin price movements in the last 24 hours
BTC/USD was trading in a range of $39,072 to $40,978, indicating moderate volatility. Trading volume increased 7.46% to $46 billion. Meanwhile, the total market capitalization is about $749 billion, representing a market dominance of 43%.
BTC/USD 4 HourChart – BTC prepares for adownturn
On the 4-hour chart, we can see that the bitcoin price did not rise overnight and has set a pivot point from which a pullback will occur later this week. Four hourly chart BTC/USD. Source: TradingView After several weeks of sideways movement, the overall market structure turned slightly higher overnight. So we see bitcoin reversing its trend after the sharp drop in May that resulted in a total loss of over 50%. Last week, the price of bitcoin hit a low of $31,000, suggesting that the bears have regained their strength. However, after setting a lower high around the $38,000 level, BTC/USD again tested the $35,000 support level and fell back. Bitcoin quickly reached the $40,000 mark, a signal to traders that BTC/USD could move higher again. However, the past week saw higher highs and lower lows, meaning the direction of the trend is unclear. If BTC/USD falls back to $37,000 and establishes a new higher local low, we can expect a further rise later this week. The $42,000 level now serves as resistance, meaning that bitcoin’s overall price momentum will become even more bullish once it is broken.
Bitcoin price analysis: Supplement
The price analysis of bitcoin is bearish as the market failed to make gains overnight. Therefore, we expect BTC/USD to fall back to the $37,000 level in the coming days and form a higher low from where it will push higher later this week. In anticipation of a further rise in the price of bitcoin, read our guide on betting on Cardano, how to cash in bitcoins and how to buy bitcoin stocks. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The Bitcoin price is stuck in a sideways pattern since the end of September, and the price is under pressure to break below the $40,000 support line. The lack of volatility is likely to continue so long as the price remains above the $40,000 area.. Read more about will cryptocurrency crash and let us know what you think.
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