Bitcoin price analysis today is bullish as it saw a sharp drop from midnight and a reaction at $19,400. Therefore, BTC/USD should show a stronger reaction higher and bounce back above $20,000 to set lower highs.
The market has been trading in the red for the last 24 hours. Bitcoin, the leader, fell 4.92%. ethereum Over 6.6 percent. Meanwhile, the rest of the market has fallen further.
Bitcoin Price Action Over the Last 24 Hours: Bitcoin Falls Another 7%
BTC/USD is trading between $19,448.53 and $20,882.38, demonstrating extreme volatility over the past 24 hours. Transaction volume increased by 43.84% to a total of $67.9 billion. It also traded with a market capitalization of approximately $377.76 billion, giving it a 38.59% market dominance.
BTC/USD 4-Hour Chart: Is BTC Ready to React Higher?
On the 4-hour chart, we see a higher reaction and a quick retest of the downside before an overnight reversal.
Bitcoin price action has tested more highs over the past week as it broke previous consolidation areas at the end of October and set higher highs at $21,000. After that, BTC/USD started to rise, Soaring to $21,500.
However, the next retrace failed to set a lower low even though the first support was seen at $20,600. Further selling continued overnight and soon he broke below the $20,000 support.
A sign of support was eventually found at $19,400 before a reversal sign was formed. Bitcoin price action will likely start moving soon to recover some of the losses, with the $20,000 mark being the first to recover.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis We are bullish today after a significant drop to $19,400 and signs of support in the last few hours.