Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close

Bitcoin (BTC), hovered around $59,000 as Nov. 21 ended. This was after it avoided a retest its recent lows.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC challenges $60,000

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was close to $60,000, before consolidating in a higher range following sudden gains Saturday night.

The pair hit a low of $55,650 over the week. These were its lowest points in more than a month. However, further retests failed as sentiment improved.

Analysts viewed the long-term from a more calm perspective than the weekly close to better understand the market’s overall health.

BTC has rallied to new All Time Highs since breaking its 200-day EMA. Rekt Capital stated that BTC was still over 50 percent above the 200 EMA despite recent retraces from ATHs.

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

BTC/USD 1-day candle charts (Bitstamp), with 200-day moving Average (EMA). Source: Rekt Capital/ Twitter

The reasoned view was supported by on-chain metrics, with the Crypto Fear & Greed Index at just under $60,000.

The week’s events did not affect network fundamentals. The hash rate remained near its all-time highs, while difficulty was still expected to increase modestly at the next adjustment due Nov. 27.

Pentoshi, a fellow trader, identified the $59,000 to $61,000 area as the point where it would be prudent for spot longs to reenter should that area be successfully recovered.

Local top and bottom for $ETH. How I plan on trading it. LH available from here to 4570. *IF* 4570 is flipped then I am happy to buy higher. Playing for LH, and a second leg down to 36xx. Same as $BTC looking to purchase 59-61. If reclaim = buy back otherwise looking for LH If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN
— Pentoshi Won’t Dm You. Dm’s are a hateful thing. DM’s are frauds (@Pentosh1) November 19, 2020

Michael van de Poppe, a Cointelegraph contributor, stated that overall, the supercycle and lengthening cycles for Bitcoin are still true.

Avalanche and Ethereum lead the slow altcoin market

In a broad flat market, Ether (ETH), one of the top-10 cryptocurrencies, was the best performer among the altcoins.

Related: Three reasons why Bitcoin dropped to $56.5K

At the time of writing, ETH/USD was up 2.3%. Outlier Avalance (AVAX), which delivered 12% returns in 24 hours, entered the top-10 to push out Dogecoins (DOGE) for the first-time.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView

Despite Saturday’s sudden upturn, the BTC/USD rate was still 1.8% higher.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami