Bitcoin is back near $60,000 after a fresh BTC price breakout as U.S. trading gets underway.
William Suberg
Bitcoin surges into US open as forecast points to attack on $60KA familiar scene as U.S. trading begins sees BTC price action head for formidable resistance at $60,000 and beyond.
2997 Total views
77 Total shares
Listen to article
0:00
Market Update
Bitcoin (BTC) met the start of U.S. trading with a bang on Dec. 1 as the Wall St. open sparked a run above $58,500.
Analyst: $56,000 may have been resistance flipData from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2% in an hour Wednesday, canceling out the majority of overnight losses.
The pair had hit $59,000 the day before in a similarly-timed move before giving up progress to dive to local lows of $56,700 on Bitstamp.
For Cointelegraph contributor Michaël van de Poppe, hope was back that Bitcoin would now challenge firm resistance at $60,000.
Did you buy the $56K flip on #Bitcoin?
Looking to attack the highs here at $60K. pic.twitter.com/nyx2XvE8Sw
— Michaël van de Poppe (@CryptoMichNL) December 1, 2021As Cointelegraph reported, the area at and above $60,000 now represents the resistance level to beat and hold in order to secure bullish continuation.
Recent events appeared to make such a scenario less likely in the short term, as resistance intensified and support at lower levels conversely evaporated.
Much like what happened earlier in the year with the $30,000 floor, however, hope remains that $50,000 will continue to form the line in the sand.
Wall's been pulled. Either they're done accumulating (30k wall was also pulled at the time), or VolQ is right. pic.twitter.com/sG6DdtFQzL
— Material Scientist (@Mtrl_Scientist) November 30, 2021The November close meanwhile marked the first failure in a longstanding Bitcoin price model to capture BTC price performance. The floor model from analyst PlanB predicted an end-of-month price of $98,000.
Ethereum comes within 5% of all-time highsAltcoins took advantage of the latest Bitcoin increase, with the top ten cryptocurrencies by market cap posting as much as 6% gains on the day.
Related: Ethereum approaches a new ATH, but derivatives data reflects mixed emotions
Ether (ETH) returned to within striking distance of $5,000, this accompanied by continued strength against Bitcoin.
ETH/BTC hit 0.083 BTC on Dec. 1, marking its highest since May and almost challenging levels from 2018.
“ETH is only +5% away from reaching new All Time Highs,” trader and analyst Rekt Capital noted.
#Bitcoin
#Altcoin
#Ethereum
#Bitcoin Price
#Markets
#Ether Price
Related News
Crypto Crime on the Rise — Good Odds of 2020 Becoming a Record-Breaker
DAOs empower social good with yield-generating DeFi products
Crypto's impact on sanctions: Are regulators' concerns justified?
ENS DAO delegates offer perspective on DAO governance and decentralized identity
Bitcoin sees fresh split-second spikes as analysts say ‘almost time’ for BTC uptick
Price analysis 11/24: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO
Editors Choice
Fidelity reportedly launching spot Bitcoin ETF in Canada
Chinas central bank proposes to monitor metaverse and NFTs
Online electronics shop Newegg to accept Shiba Inu crypto during holidays
Bitcoin fails ‘worst-case scenario’ monthly close for the first time, starts December sub-$57K
Crypto.com to acquire two US exchanges for derivatives and futures offerings
Cointelegraph YouTube Subscribe
Advertise with us
Bitcoin BTC/USD
59,039 +3.37%
Ethereum ETH/USD
4,759 +3.81%
Litecoin LTC/USD
217.17 +4.07%
Ripple XRP/USD
1.02 +2.48%
EOS EOS/USD
4.12 +2.42%
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
8.75
0.00