Crypto

Bitcoin retests the $ 60,000 mark

Bitcoin avoids recent lows as price rises to $ 60,000 USD

Things are looking up for Bitcoin bulls after the weekend offers much appreciated relief from multi-week lows.

The price of Bitcoin (BTC) was hovering around $ 59,000 USD at the end of November 21 after avoiding a retest of its recent lows.

Bitcoin chart (BTC / USD) 1 hour

Source: TradingView

Bitcoin tests $ 60,000 USD

Bitcoin’s price nearly hit $ 60,000 before consolidating into a new higher range after sudden gains on Saturday night.

The price of BTC reached a low of $ 55,650 USD for the week, marking its lowest point in more than a month, but further testing did not materialize as sentiment improved.

Taking a more composed outlook on the weekly close, analysts looked to the long term to understand the overall health of the market.

“Since breaking its 200-day black EMA, BTC has rallied to new all-time highs. Still more than 50% above the EMA 200 SMA, despite ATH’s recent pullback, “Rekt Capital summed up that day.

“Long-term investor sentiment remains bullish on Bitcoin.”

Bitcoin (BTC / USD) chart with 200-day moving average (EMA)

bitcoin dollar 21112021Source: Rekt Capital / Twitter

The data supported the reasoned view, with the Crypto Fear & Greed Index in neutral territory at just under $ 60,000 USD.

The fundamentals of the network were also not interrupted by the events of the week, with the hash rate remaining near the all-time highs and the difficulty still on track to increase slightly during the next reset scheduled for November 27.

Meanwhile, the Pentoshi trader identified the area between $ 59,000 and $ 61,000 USD as the point at which it would be prudent to enter long positions if this area recovers successfully.

bitcoin ethereum twitter 21112021

“Overall, Bitcoin’s supercycle and lengthening cycle is still the case,” added Cointelegraph contributor Michaël van de Poppe.

Ethereum and Avalanche lead a slow market for altcoins

When it comes to altcoins, Ethereum (ETH) was one of the top performers among the top 10 cryptocurrencies by market cap on Sunday, amid broadly flat action.

Ethereum was up 2.3% at the time of writing, while the Avalance Outlier (AVAX) generated 12% returns in 24 hours and first entered the top 10 for Dogecoin (DOGE) exit. .

Ethereum chart (ETH / USD) 1 hour

ethereum eth / usd 21112021Source: TradingView

Despite Saturday’s strong rally, Bitcoin was still around 1.8% higher.

Par William Suberg, Cointelegraph

William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.

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