Bitcoin (BTC) will swing around $ 59,000 when it closes on November 21 after failing to test the latest lows again.
1-hour candlestick chart BTC / USD (bit stamp). Source: TradingView
BTC Challenge $ 60,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached almost $ 60K before consolidating in a new higher area after a sudden rise on Saturday night.
The pair reached a low of $ 55,650 in one week, the lowest in over a month, but no new tests occurred as the mood improved.
With a more relaxed view at the end of the week, analysts therefore look at the longer term to understand the general state of the market.
“Since the 200-day black exponential moving average broke, Bitcoin has climbed to all-time highs. It is still more than 50% above the 200-EMA, despite the recent correction from ATH,” Rekt Capital concluded.
“Long-term investor sentiment remains positive on Bitcoin.”
1-day BTC / USD candlestick chart (Bitstamp) with 200-day moving average (EMA). Source: Rekt Capital / Twitter
On-chain calculations confirm the logical view: Crypto Fear & Greed Index in neutral territory is just under $ 60,000.
The network’s fundamentals were also not affected by this week’s events: the hash speed remained at a record high, and the complexity may continue to increase slightly with the next adjustment, scheduled for 27 November.
Meanwhile, retailer Pentoshi has identified the $ 59,000-61,000 site as the point where it would be prudent to re-enter with immediate long positions if this site succeeds in recovering.
“Overall, Bitcoin’s supercycle and ultra-long cycle are still in place,” added Michael van de Poppe of Cointelegraph.
Ethereum: Avalanche drives the slow altcoin market
When it comes to altcoins, Ether (ETH) was one of the top 10 cryptocurrencies by market value on Sunday, amid a solid move overall.
RELATED: 3 Reasons Why Bitcoin Fell to $ 56.5K Possibly Local Bottom
ETH / USD is trading at 2.3% at the time of writing, while Avalance (AVAX) has returned 12% in 24 hours and entered the top ten for Dogecoin (DOGE) withdrawals for the first time.