Month: November 2021

BTC daily chart shows that, we’ve had four candle declines, at least from a cycle point of view, it’s day-65 low. We’re very close to the reversal.

Bitcoin’s price tested mid channel support at $56k and seems to be struggling below the $60K mark. As of now, BTC has lost 7% over the last week, trading in the range of $55-58K, failing to reclaim the 50-day moving average line.

While many were hoping to see Bitcoin remain above $60,000, it dipped as low as $56,000, causing a negative sentiment that rippled through the market during the week. This has raised the question of how far the correction will go.

It’s been a challenging day for BTC as the price plunged to an intraday low of $58,500 but has since recovered to around $60,300, where it currently trades. Still, it’s down almost 8% in the past 24 hours, attempting to hold above the key psychologically level of $60K.This level is critical to keeping the uptrend intact in the short term.

Bitcoin’s new all-time high at $69,000 is an indication that the uptrend is intact despite retracing a bit to its support area-$64.5k. After achieving a fresh all-time high, traders and investors are making frantic efforts in an attempt to push prices towards $100k.

The conditions continue to look very similar to BTC’s situation in November 2020, right before a new all-time high was achieved. However, we must remain cautious in the near term as spot inflows have been slowly trending higher, and the estimated leverage ratio is still elevated.