Bitcoin (BTC) Price Analysis for November 10

Bitcoin (BTC) Price Analysis for November 10

Bears are becoming more active as the majority of the coins are in the red zone again.

BTC/USD

After a sharp rise of Bitcoin (BTC), the growth has stopped and the main crypto has fallen by 1.49% over the past 24 hours.

On the hourly chart, Bitcoin (BTC) has fixed below the vital level of $67,000. The fall is supported by an increasing selling volume, which means that the decline may continue.

If such a scenario occurs, there is a high chance to see a test of the liquidity zone around $65,900 soon.

Yesterday morning, the Bitcoin price reached its absolute maximum at the level of $68,560. After that, trading volumes decreased and the bulls did not manage to continue their growth to the area of $70,000. In the second half of the day, sellers activated, and the pair rolled back to the support area of $66,500.

Buyers tried to restore the price to the previous level tonight, but the attempt was unsuccessful. Currently, the price of BTC is still in the area of weak support at $66,500. If the bears push this level, then a rollback to the $64,895 area is possible.

On the bigger time frame, Bitcoin (BTC) could not keep the rise and get to another crucial level at $70,000. At the moment, bulls need to come back above $67,000 for further growth. In another case, BTC may test $64,300 soon.

Bitcoin is trading at $66,502 at press time.

Source

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