BTC peaks at $59,000, another drop to follow?

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  • Bitcoin price analysis is bearish today.
  • BTC/USD rallied towards $59,000 overnight.
  • Market prepares to reverse.

Bitcoin price analysis is bearish today as we expect another lower high to be set at $59,000, reversing BTC later today. Therefore, BTC/USD is likely headed for another strong push lower over the next 24 hours.

Bitcoin Price Analysis: BTC peaks at $59,000, another drop to follow? 1

After a strong beginning of November, the Bitcoin price action saw a new all-time high reached at $68,550 on the 9th of November. However, after another upside test a day later, a sharp reaction lower to $63,000 followed.

BTC/USD made another effort to move higher late last week, peaking at $66,000 before another sharp drop lower followed at the beginning of this week. Initially, BTC found support at $59,000, with a further drop to $56,000 seen on Thursday.

Bitcoin price did not trade at the $56,000 mark for long as swift recovery followed yesterday. Overnight, BTC/USD reached the $59,000 previous support, with consolidation seen since. Likely, a reversal from the resistance will follow, meaning that further downside should be tested over the next days.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bearish today as we expect the $59,000 to prevent further upside. Likely BTC/USD will move lower over the next 24 hours, continuing the overall several-week bearish momentum.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Bitcoin Classic, and Cardano vs Bitcoin.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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