Today's bitcoin price analysis is positive.
To $16,500, BTC/USD reversed course.
Over the previous hours, there was less selling pressure.
Today's bitcoin price analysis is positive as a result of the higher low that was recorded around $16,500 after a 24-hour retrace. BTC/USD has likely made a new bottom and is now poised to rise much further over the weekend. Another significantly lower high for the price of bitcoin was achieved at $21,500 last weekend, and this week it quickly reversed. BTC/USD began to fall sharply after previous support at $20,000 was breached, quickly reaching $18,000.
Following that, there was no recovery, which led to a fast wave lower on Wednesday. This time, a challenge of the $16,000 support led to a considerably greater reaction upward to the $18,000 level.
Over the previous 24 hours, the market experienced negative trading. Bitcoin, the market leader, fell by 4.18 percent, and Ethereum by 2.34 percent. Most of the top altcoins fell even further in the interim.
Bitcoin price movement in the previous day: Bitcoin tested the downside again. BTC/USD traded in a range of $16,543.48 to $18,054.31, showing high volatility in the previous day. While the total market capitalization fluctuated around $322.63 billion, representing a dominance of 37.92 percent, trading volume fell by 38.55 percent to $60.3 billion.
BTC looks to set a higher low on the 4-hour chart of USD/BTC
On the 4-hour chart, we can see evidence of support at the $16,500 level, suggesting that a higher low is probably going to be formed.
To $16,500, BTC/USD reversed course.
Over the previous hours, there was less selling pressure.
Today's bitcoin price analysis is positive as a result of the higher low that was recorded around $16,500 after a 24-hour retrace. BTC/USD has likely made a new bottom and is now poised to rise much further over the weekend. Another significantly lower high for the price of bitcoin was achieved at $21,500 last weekend, and this week it quickly reversed. BTC/USD began to fall sharply after previous support at $20,000 was breached, quickly reaching $18,000.
Following that, there was no recovery, which led to a fast wave lower on Wednesday. This time, a challenge of the $16,000 support led to a considerably greater reaction upward to the $18,000 level.
Over the previous 24 hours, the market experienced negative trading. Bitcoin, the market leader, fell by 4.18 percent, and Ethereum by 2.34 percent. Most of the top altcoins fell even further in the interim.
Bitcoin price movement in the previous day: Bitcoin tested the downside again. BTC/USD traded in a range of $16,543.48 to $18,054.31, showing high volatility in the previous day. While the total market capitalization fluctuated around $322.63 billion, representing a dominance of 37.92 percent, trading volume fell by 38.55 percent to $60.3 billion.
BTC looks to set a higher low on the 4-hour chart of USD/BTC
On the 4-hour chart, we can see evidence of support at the $16,500 level, suggesting that a higher low is probably going to be formed.