After 6% drop, bitcoin price falls to $56.6K, its lowest level in more than a month

Following the enormous drop of over 6%, a snowball effect drives the price of Bitcoin through important support levels after today’s price crash.

Bitcoin (BTC) plummeted through key support levels on Nov. 18, in what was a fresh test of bulls’ resolve.

BTC/USD candle chart Source: TradingView

Bitcoin price prediction in the last 24-hours

Following multiple retests in previous days, Bitcoin has struggled to break and mantain above the $60K zone. As of this writing, Bitcoin trades at $57,800.

The price rallied, and at one point reached $60,000, yet has since slipped as low as $57,200 — its lowest level since October 15.

The value of Bitcoin has fluctuated in the range of $58,867.34 and $60,948.50 since yesterday, suggesting a moderate amount of volatility over the previous 24 hours. Trading volume has fallen by 15.38 percent, totaling $34.77 billion, while the overall market cap is currently valued at about $1.3 trillion.

BTC/USD hourly charts

On the 4-hour Bitcoin price prediction chart, we can observe heightening seller momentum taking over this morning; pushing the Bitcoin price downward towards the previous swing low.

The bitcoin price has moved with strong bearish momentum this week once more. On November 9, the cryptocurrency’s all-time high was $68,550, before plummeting to $63,000.

After a strong reaction to $65,000, BTC retested the low once again. On November 14th, a significant retracement to $66,000 took place, confirming a clear lower high before a severe decline began on Monday night.

The cryptocurrency market has seen a number of intriguing movements recently, and investors may be keeping an eye on the Bitcoin price action. This time around, support was found at $58,600, where the currency stayed in a consolidation phase. The upside was challenged once again overnight with rejection, bringing BTC/USD back below $60,000.