Cryptocurrencies

Analysis: Will We See Bitcoin Around $63,800 Again Soon?


Bitcoin seems to be finding its way up again. The coin is rising from an important price point and seems to want to go up even further. What can we expect in the coming days? Let’s take a look at the charts.

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Bitcoin rises from $56,500

We start this analysis by looking at the daily chart. Here each candle represents a period of 24 hours, which allows us to see enough of the past price movements. This way we can also see the most important price points (indicated by the red lines).

It is unfortunate that Bitcoin briefly moved below its last low, but around this price there were finally enough buyers to push the price up a bit. It therefore seems as if the coin is in the process of recovering.

This was much needed after the decline of last week. Bitcoin dropped 15%, and pulled the altcoin market even lower. At the moment everything is recovering a bit and there is some hope in the market again. But will it stay that way?

The coin has actually made a lower low in the long term, but is still going up from here. In order to analyze the price a bit better, we are also going to zoom in. We can do this by taking a smaller chart.

Past $58,500, and then towards $63,800?

Therefore, we will also take a look at the 4-hour chart of Bitcoin. Here, each candle represents 4 hours, allowing us to see the price in more detail. Here, it becomes clear that the coin is making an upward trend in the short term.

This can be seen in the graph above by the orange arcs. Bitcoin is slowly recovering and seems to be getting ready to go further up. A previous low (around 58,500) seems to be the next resistance to overcome, and if it succeeds, this will probably have a positive effect on the rest of the price.

Bitcoin can then go to the next resistance, the red line at 63,800 dollars. But for that, the upward trend – of higher highs and higher lows – must not be broken. Therefore, keep a close eye on this trend.

Until then, we can breathe a little bit, as it seems like the coin has finished its decline. Unfortunately, this is not a guarantee, but due to the short-term upward trend, the chance of a further decline is getting smaller and smaller.

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