Crypto

Bitcoin November 16, 2021 – The Losing Battle of $ 60,000

Big Red Candlestick: Bitcoin (BTC) retests the main support area below $ 60,000. Despite this drop below this symbolic level, traders remain bullish, even citing potential new all-time highs.

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Bitcoin below $ 60,000: pressure from Joe Biden and the dollar

Bitcoin drops to $ 58,700 on Bitfinex today, November 16, 2021. It is currently not returning to $ 60,000. Bitcoin is trading at $ 59,576 at the time of writing and is currently posting a 6.63% daily loss.

This $ 60,000 loss occurs when Joe Biden signs the infrastructure law. In particular, the text establishes new tax reporting requirements for crypto companies and cryptocurrency holders.

Therefore, Bitcoin is spending a day in the red as the dollar reaches its highest level since July 2020. Analysts such as Scott Melker expect the rise of this dollar to continue in the coming months, a bullish movement that could put pressure on Bitcoin and make it harder to reach 6. digits by the end of 2021.

New ATHs in sight: a drop to the $ 54,000 needed for bitcoin?

Twitter John Wick shared a chart showing the existence of a major support area between $ 58,000 and $ 60,000.

John Wick Post – Source: Twitter

Trader Michaël van de Poppe illustrated in a graph the scenario of a bitcoin that can go down to $ 54,000.

Bitcoin could drop to $ 54,000.Post by Michael van de Poppe – Source: Twitter

Michaël van de Poppe believes that “so far, everything is fine for bitcoin”. However, the latter will have to break through certain resistance areas, particularly $ 63,000, to prevent markets from being subjected to “further bearish momentum.”

Trader Rekt Capital is much more bullish, indicating that bitcoin has “successfully retested $ 58,700 as support”, and recalls, on the one hand, that bitcoin only suffered a 15% drop in November 2021, while in September 2021 there was a downward correction of 25% earlier. bitcoin hit new all-time highs.

How far can Bitcoin go during this cycle? Analysts are forecasting highs above $ 200,000, a forecast that seems overly optimistic given the current bearish game in the markets.

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