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Bitcoin Scary Pattern

Bitcoin Retests 58k again: Where is it going?

Bitcoin retests the $58,900 mark, slightly missing the $59,000; and that’s where the bears took over and threw it back to $55900.

The Bitcoin price today is $57,358.23 USD with a 24-hour trading volume of $39,422,153,160 USD. Bitcoin is down 2.02% in the last 24 hours, with a market cap of $1,083,344,576,614 USD. It has a circulating supply of 18,887,343 BTC coins.

Bitcoin Retests 58k again
Source: TradingView

 

Bitcoin Retests 58k again: Analysis

Bitcoin is currently resting at EMA 100 support near fib 0.382. Bitcoin is making lower lows and lower highs since November 15. Bitcoin price is consolidating again between $55,000 and $59,000. The overall trend here, sorry bulls, is down. To turn this into an uptrend Bitcoin needs to break the previous high of yesterday where it left $59,000 and maintain the support above the previous low of $53,000 of November 28, 2021.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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