BTC/USD Fluctuates Between $55.8k and $60k as Bitcoin Faces Rejection -November 21, 2021
Bitcoin continues a downward move below the moving average as Bitcoin faces rejection. The implication is that BTC/USD may revisit the $50,000 psychological price level. The bears have broken below the previous low at $58,000. Today, Bitcoin is trading at $59,742 at the time of writing.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the breakdown below the moving averages, BTC price was prone to further downward movement of prices. Yesterday, Bitcoin declined to the low of $55,600 as bulls bought the dips. BTC price corrected upward and reached the high of $59,000. The upward correction was rejected at the recent high which resulted in a further downward movement of the cryptocurrency. Today, BTC price fluctuates between $55,600 and $59,000.
The market will further decline if the bears break below the $55,600 support. Bitcoin will further decline to $54,000 or $51,400. On the other hand, if buyers keep BTC prices above $59,000, a rally above $60,000 is likely. In the meantime, the BTC price has broken above the recent high approaching the 50-day line moving average. The cryptocurrency will regain bullish momentum if price breaks above the moving averages. However, If bulls fail to push and sustain the price above the moving averages, the selling pressure may resume.
Bitcoin (BTC) Indicator Reading
Bitcoin has fallen to level 46 of the Relative Strength Index for period 14. The cryptocurrency is still in the downtrend zone after the recent breakdown. It is prone to further decline as it is the bearish trend zone and below the centerline 50. The crypto’s price is still below the moving averages which cause Bitcoin to fall. A break above the 21-day line and the 50-day line moving averages will propel Bitcoin to resume upside momentum. BTC/USD has resumed bullish momentum as it is above 80% area of the daily stochastic.
Meanwhile, Bitcoin is rising after a recent downtrend as Bitcoin faces rejection. BTC price has broken above the resistance at $59,000 as BTC price attempts to rally above the $60,000 psychological price level. The market will tend to revisit the previous highs of $64,000 and $67,000 if the current bullish momentum is sustained.
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