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Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

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  • Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    BTC$62,217.00

  • Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    ETH$4,615.92


  • Home » BTC » Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    Author:

    Daniel Joe



    Last Updated Nov 7, 2021 @ 12:34

    Bitcoin’s price continues to consolidate below a key resistance and it might be a matter of time for another breakout attempt.

    In the past few days, we saw Bitcoin’s price nearly touching $60K again and it’s now important to reclaim the 21-ay MA in the near term. Meanwhile, the strong resistance continues to lie between $63.7K and $64.8K.

    Read more:  Almost $300 Million Worth of BTC Moved to Exchanges Before the Recent Sell-Off

    The ideal scenario for BTC bulls would be to complete the cup and handle breakout above $63.7K and $64.8K, which should send the price to the range between $70K and $80K.

    There are still no signs of a distribution trend forming but we did see some light profit-taking on behalf of older coins. The miners continue to hold and there were no major spikes in CDD or SOPR, which signals that there’s not a lot of profit-taking happening.

    Bitcoin Price Analysis: Bulls Stuck Below an Important Resistance, Breakout Attempt Incoming?

    Chart by TradingView

    As we mentioned in the previous BTC analysis the price action and on-chain performance do resemble these from late 2020 before BTC broke out to all-time highs. The initial breakout to new ATHs in 2020 took multiple attempts and it even saw a correction.

    The cycle top indicator is nowhere near to previous bull market peaks but it’s becoming increasingly important for $60K to continue holding. If it fails, we can look at the leaves at $58.3K, $571.K, $56.2K, $55K, and $53K for support. The strong area of both on-chain and technical support, however, is found between this are. It’s highly likely that these levels will hold if tested.

    Read more:  Derivatives Flush Out Excess Leverage From Bitcoin Markets

    It’s still looking likely that there will be a large breakout towards $70K and $80K later in November and December – there’s no trend of distribution forming which also increases the probability of this bull market to extend into Q1 of 2022.

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    Tags: Bitcoin (BTC) Price

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