Bitcoin price is holding support at 60,000, and slowing momentum suggests a period of consolidation

Bitcoin price has rebounded sharply by 4% in the last 24 hours, followed by many other altcoins, the total market capitalization has improved as a result. At the time of writing, BTC is changing hands at $65,236.

bitcoin-price-is-holding-support-at-60000-and-slowing-momentum-suggests-a-period-of-consolidation

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price continued to hover comfortably above $60,00

In the last 24 hours, Bitcoin price fluctuated in a narrow price range, trading the highest at $65,590 and the lowest at $61,553. Data from CoinMarketCap shows that the amount of Bitcoin traded in the past 24 hours is about $24.3 billion, with a market capitalization of $1.186 billion.

“As traders have watched Bitcoin remain in the low $60k range the past ten days, there appears to be a shift in optimism, as many become impatient with the stagnancy. A shift toward negative sentiment implies a greater chance of BTC price rises”, Santiment stated.

bitcoin-price-is-holding-support-at-60000-and-slowing-momentum-suggests-a-period-of-consolidation

Source: Santiment/Twitter

Although it has not surpassed the $67,000 price peak established on October 21, many professional traders believe that Bitcoin will soon explode. According to cryptocurrency analyst PlanB, there is a chance that Bitcoin will increase by as much as 700% early next year.

Renowned analyst Alex Kruger also predicts the Bitcoin price in the coming weeks and months. Accordingly, Kruger emphasized that Bitcoin could reach a price of $1 million. However, the timeframe for this goal is not well defined.

This is not the first time the unbelievable price of $1 million for 1 Bitcoin was raised. Earlier in the year, some analysts were optimistic that the price of Bitcoin could reach the $1 million mark, while many others warned of the risk of a bubble bursting.

However, many experts and investors globally are still cautious about the unpredictable growth of Bitcoin.

BTC Dominance dropped from around 48% on October 20 to 42.3% on November 7, while the total crypto market capitalization continued its journey north. This shows that the price action has shifted from Bitcoin to altcoins.

Ether rose over the past 24 hours. However, the transaction fees on the Ethereum blockchain are soaring. Data from BitInfoCharts shows that the average transaction fee on Ethereum was $41.5 on Saturday, nearly triple from three months ago. A few notable winners outside bitcoin in the past 24 hours were XRP (XRP), Internet Computer (ICP), and Cosmos (ATOM). Among the biggest losers were Solana (SOL) and Shiba Inu (SHIB).

The overall crypto market capitalization stands at $2.835 trillion, and Bitcoin dominance is 43.4%.

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