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

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

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. 

“Long-term investor sen­ti­ment is still bull­ish towards Bitcoin.” 

BTC/USD 1‑day can­dle chart (Bit­stamp) with 200-day mov­ing aver­age (EMA). Source: Rekt Capital/ Twitter

On-chain met­rics sup­port­ed the rea­soned view, with the Cryp­to Fear & Greed Index in neu­tral ter­ri­to­ry at just below $60,000.

Net­work fun­da­men­tals were sim­i­lar­ly unfazed by the week’s events with the hash rate stay­ing near all-time highs and dif­fi­cul­ty still on track to rise mod­est­ly at the next read­just­ment due Nov. 27.

Fel­low trad­er Pen­toshi mean­while iden­ti­fied the area between $59,000 and $61,000 as the point at which it would be pru­dent to reen­ter with spot longs should that area be suc­cess­ful­ly reclaimed.

“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).

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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