Bitcoin avoids current lows as BTC value eyes $60K into the weekly shut
Bitcoin (BTC) hovered close to $59,000 as Nov. 21 got here to a detailed after avoiding a retest of its current lows.
BTC challenges $60,000
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD virtually hitting $60,000 earlier than consolidating in a brand new increased vary after sudden positive aspects Saturday night.
The pair had hit lows of $55,650 throughout the week, these marking its lowest level in over a month, however additional retests didn’t materialize as sentiment improved.
Adopting a calmer perspective into the weekly shut, analysts thus appeared to the long run to know the general well being of the market.
“Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Still over +50% above the 200 EMA, despite the recent retrace from ATHs,” Rekt Capital summarized on the day.
“Long-term investor sentiment is still bullish towards Bitcoin.”
On-chain metrics supported the reasoned view, with the Crypto Fear & Greed Index in impartial territory at slightly below $60,000.
Network fundamentals have been equally unfazed by the week’s occasions with the hash rate staying close to all-time highs and problem nonetheless on observe to rise modestly on the subsequent readjustment due Nov. 27.
Fellow dealer Pentoshi in the meantime recognized the realm between $59,000 and $61,000 as the purpose at which it might be prudent to reenter with spot longs ought to that space be efficiently reclaimed.
Gave native prime and backside on $ETH
How I plan to commerce it. Looking for LH from right here to 4570. *IF* 4570 is flipped then completely satisfied to purchase again increased
Playing for LH and a 2nd leg right down to 36xx
Same with $BTC in search of 59-61. If reclaim = purchase again in any other case in search of LH
— Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) November 19, 2021
“Overall, super cycle and lengthening cycle for Bitcoin is still the case,” Cointelegraph contributor Michaël van de Poppe added.
Ethereum, Avalanche lead a gradual altcoin market
On the subject of altcoins, Ether (ETH) constituted one of the crucial strong performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat motion.
Related: 3 explanation why Bitcoin’s drop to $56.5K might have been the native backside
ETH/USD traded up 2.3% on the time of writing, whereas outlier Avalance (AVAX) delivered 12% returns over 24 hours and coming into the top-10 for the primary time to push out Dogecoin (DOGE).
Despite Saturday’s abrupt upturn, BTC/USD was nonetheless round 1.8% increased.