Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close
Bitcoin avoids contempo lows equally BTC price eyes $60K into the weekly shut
Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief afterward multi-week lows.
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Bitcoin (BTC) hovered nearly $59,000 as Nov. 21 came to a shut afterwards avoiding a retest of its recent lows.
BTC challenges $threescore,000
Information from Cointelegraph Markets Pro and TradingView showed BTC/USD virtually hitting $60,000 before consolidating in a new higher range later sudden gains Saturday evening.
The pair had hit lows of $55,650 during the week, these mark its lowest signal 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 wellness of the marketplace.
"Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Nevertheless over +50% above the 200 EMA, despite the contempo retrace from ATHs," Rekt Capital letter 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'south events with the hash rate staying most all-time highs and difficulty still on track to rising modestly at the next readjustment due Nov. 27.
Fellow trader Pentoshi, meanwhile, identified the expanse betwixt $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.
— Pentoshi Won't Dm You. hates Dm's. DM'south are scams (@Pentosh1) November 19, 2022Gave local acme and lesser on $ETH
How I plan to trade it. Looking for LH from hither to 4570. *IF* 4570 is flipped then happy to purchase back higher
Playing for LH and a second leg down to 36xx
Same with $BTC looking for 59-61. If repossess = buy dorsum otherwise looking for LH
If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN
"Overall, super bicycle and lengthening cycle for Bitcoin is even so the case," Cointelegraph contributor Michaël van de Poppe added.
Ethereum, Barrage lead a slow altcoin market
On the topic of altcoins, Ether (ETH) constituted one of the most solid performers out of the top x cryptocurrencies past marketplace capitalization Sunday amid broadly flat action.
Related: 3 reasons why Bitcoin'due south driblet to $56.5K may have been the local bottom
ETH/USD traded up ii.3% at the time of writing, while outlier Avalance (AVAX) delivered 12% returns over 24 hours and entered the elevation ten for the first time to push out Dogecoin (DOGE).
Despite Sat's abrupt upturn, BTC/USD was nonetheless around 1.8% college.
Source: https://cointelegraph.com/news/bitcoin-avoids-recent-lows-as-btc-price-eyes-60k-into-the-weekly-close
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