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

    Abstract:Bitcoin sails into the weekly close near $60,000 after a BTC price boost over the weekend.

      William Suberg

    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.

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      Market Update

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

    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.”

      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.

      Gave local TOP and bottom on $ETH

      How I plan to trade it. Looking for LH from here to 4570. *IF* 4570 is flipped then happy to BUY back higher

      Playing for LH and a 2nd leg down to 36xx

      Same with $BTC looking for 59-61. If reclaim = buy back otherwise looking for LH

      If = then

    — 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 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 Bitcoins 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).

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

    •   #Bitcoin

    •   #Altcoin

    •   #Ethereum

    •   #Bitcoin Price

    •   #Markets

    •   #Ether Price

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