Market Analysis

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

Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief after multi-week lows.

Bitcoin (BTC) hovered near $59,000 as Nov. 21 came to a close after avoiding a retest of its recent lows.

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

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

BTC challenges $60,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD almost hitting $60,000 before consolidating in a new higher range after sudden gains Saturday evening.

The pair had hit lows of $55,650 during the week, these marking its lowest point in over a month, but further retests failed to materialize as sentiment improved.

Adopting a calmer perspective into the weekly close, analysts thus looked to the long term to understand the overall health 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.

Read more:  Shock survey suggests most investors think Bitcoin won’t top $50K by 2030

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

Ethereum, Avalanche lead a slow altcoin market

On the topic of altcoins, Ether (ETH) constituted one of the most solid performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat action. 

Related: 3 reasons why Bitcoin’s drop to $56.5K may have been the local bottom

ETH/USD traded up 2.3% at the time of writing, while outlier Avalance (AVAX) delivered 12% returns over 24 hours and entering the top-10 for the first time to push out Dogecoin (DOGE).

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

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Despite Saturday’s abrupt upturn, BTC/USD was still around 1.8% higher.

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