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BTC avoids recent lows and Bitcoin price targets $ 60,000 for weekly close

The price of Bitcoin (BTC) remained near $ 59,000 at the close of November 21, after avoiding retesting its recent lows..

1-hour candlestick chart for the BTC / USD (Bitstamp) pair. Source: TradingView

BTC defies $ 60,000

Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s price was close to hitting $ 60,000 before consolidating into a new higher range following the sudden gains on Saturday night.

The pair had hit lows of $ 55,650 during the week, thus marking its lowest point in more than a month., but the new tests did not materialize as sentiment improved.

Taking a calmer perspective on the weekly close, analysts then looked to the long term to understand the overall health of the market.

“Since breaking its 200-day black EMA, the price of Bitcoin has risen to new all-time highs. It is still more than 50% above the 200 EMA, despite the recent pullback from all-time highs.“, said Rekt Capital that day.

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

1-day candlestick chart for the BTC / USD pair (Bitstamp) with the 200-day moving average (EMA). Source: Rekt Capital / Twitter

On-chain metrics supported well-founded opinion, with the Crypto Fear & Greed Index in neutral territory just below $ 60,000.

The fundamentals of the network were also unaffected by the events of the week, as the hash rate remained close to the all-time highs and the difficulty is still on track to increase modestly in the next readjustment scheduled for November 27.

Trader Pentoshi, for his part, identified the zone between $ 59,000 and $ 61,000 as the point at which it would be prudent to re-enter with spot longs if that area is recovered.

Given the local high and low in ETH

How I plan to trade with it. Looking for LH from here to 4570. * If * 4570 reverses then happy to buy again higher

Betting on LH and a second leg down, at 36xx

The same with BTC looking for $ 59-61. If recovered = buy again, otherwise look for LH

If = then …

– Pentoshi won’t send you Dm. He hates Dm’s. DM’s are scams

Overall, the super cycle and lengthening cycle for Bitcoin is still the case“, added Cointelegraph contributor Michaël van de Poppe.

Ethereum and Avalanche lead a slow altcoin market

Regarding altcoins, Ether (ETH) was one of the strongest returns of the top 10 cryptocurrencies by market capitalization on Sunday, in the middle of a practically flat action.

ETH / USD trading showed an increase of 2.3% at the time of writing, while the outlier of Avalanche (AVAX) offered a return of 12% in 24 hours and entered the top-10 for the first time, displacing Dogecoin (DOGE).

1-hour candlestick chart for the ETH / USD (Bitstamp) pair. Source: TradingView

Despite Saturday’s steep rise, the BTC / USD pair held around 1.8%.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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