BitcoinPrice Analysis — October 28

Following a sharp rejection around the $63,700 area, BTC suffered a parabolic drop to the $58,100 low over the past 24 hours despite favorable (neutral) trading conditions. The $58,000 support prevented any further decline and has set the benchmark cryptocurrency back on course for $60,000, as BTC trades around the $59,000s this morning. While I expect a sustained recovery to $61,000 area at least over the coming hour and days, BTC has yet to free itself from bearish conditions, and a bearish consolidation is not out of the near-term picture.

Meanwhile, my resistance levels are at $60,000, $61,000, and $61,785, and my key support levels are at $58,000, $57,500, and $56,700.

Total Market Capitalization: $2.48 trillion

Bitcoin Market Capitalization: $1.11 trillion

Bitcoin Dominance: 44.9%

Market Rank: #1