BTC avoids latest lows and Bitcoin worth targets $ 60,000 for weekly shut

The worth of Bitcoin (BTC) remained close to $ 59,000 on the shut of November 21, after avoiding retesting its latest lows..

1-hour candlestick chart for the BTC / USD (Bitstamp) pair. Source: TradingView

BTC defies $ 60,000

Data from Cointelegraph Markets Pro and TradingView confirmed that the value of Bitcoin was near hitting $ 60,000 earlier than consolidating into a brand new increased vary following the sudden positive aspects on Saturday evening.

The pair had hit lows of $ 55,650 throughout the week, thus marking its lowest level in additional than a month., however the brand new assessments didn’t materialize as sentiment improved.

Taking a calmer perspective on the weekly shut, analysts then regarded to the long run to know the general well being of the market.

“Since breaking its 200-day black EMA, the price of Bitcoin has risen to new all-time highs. It is still more than 50% above the 200 EMA, despite the recent pullback from all-time highs.“, said Rekt Capital that day.

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

1-day candlestick chart for the BTC / USD pair (Bitstamp) with the 200-day transferring common (EMA). Source: Rekt Capital / Twitter

On-chain metrics supported well-founded opinion, with the Crypto Fear & Greed Index in impartial territory slightly below $ 60,000.

The fundamentals of the community had been additionally unaffected by the occasions of the week, as the hash fee remained near the all-time highs and the problem is on monitor to extend modestly within the subsequent readjustment scheduled for November 27.

Trader Pentoshi, for his half, recognized the zone between $ 59,000 and $ 61,000 as the purpose at which it will be prudent to re-enter spot longs if that space is recovered.

Given the native excessive and low in ETH

How I plan to commerce with it. Looking for LH from right here to 4570. * If * 4570 reverses then blissful to purchase once more increased

Betting on LH and a second leg down, at 36xx

The identical with BTC in search of $ 59-61. If recovered = purchase once more, in any other case search for LH

If = then …

– Pentoshi will not ship you Dm. He hates Dm’s. DM’s are scams

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

Ethereum and Avalanche lead a sluggish altcoin market

Regarding altcoins, Ether (ETH) was one of many strongest returns of the highest 10 cryptocurrencies by market capitalization Sunday, in the course of a virtually flat motion.

ETH / USD buying and selling elevated by 2.3% on the time of writing, whereas the outlier of Avalanche (AVAX) provided a return of 12% in 24 hours and entered the top-10 for the primary time, displacing Dogecoin (DOGE).

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

Despite Saturday’s steep rise, the BTC / USD pair held round 1.8%.

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