Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close

Bitcoin (BTC) hovered close to $59,000 as Nov. 21 got here to an in depth after avoiding a retest of its latest lows.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

BTC challenges $60,000

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD virtually hitting $60,000 earlier than consolidating in a brand new greater vary after sudden good points Saturday night.

The pair had hit lows of $55,650 through the week, these marking its lowest level in over a month, however additional retests did not materialize as sentiment improved.

Adopting a calmer perspective into the weekly shut, analysts thus seemed to the long run to grasp the general well being of the market.

“Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Nonetheless over +50% above the 200 EMA, regardless of the latest retrace from ATHs,” Rekt Capital summarized on the day.

“Lengthy-term investor sentiment continues to be bullish in direction of Bitcoin.” 

BTC/USD 1-day candle chart (Bitstamp) with 200-day shifting common (EMA). Supply: Rekt Capital/ Twitter

On-chain metrics supported the reasoned view, with the Crypto Concern & Greed Index in impartial territory at just under $60,000.

Community fundamentals have been equally unfazed by the week’s occasions with the hash price staying close to all-time highs and issue nonetheless on observe to rise modestly on the subsequent readjustment due Nov. 27.

Fellow dealer Pentoshi in the meantime recognized the world between $59,000 and $61,000 as the purpose at which it will be prudent to reenter with spot longs ought to that space be efficiently reclaimed.

“Total, tremendous cycle and lengthening cycle for Bitcoin continues to be the case,” Cointelegraph contributor Michaël van de Poppe added.

Ethereum, Avalanche lead a sluggish altcoin market

On the subject of altcoins, Ether (ETH) constituted some of the strong performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat motion. 

Associated: 3 explanation why Bitcoin’s drop to $56.5K might have been the native backside

ETH/USD traded up 2.3% on the time of writing, whereas outlier Avalance (AVAX) delivered 12% returns over 24 hours and coming into the top-10 for the primary time to push out Dogecoin (DOGE).

ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Regardless of Saturday’s abrupt upturn, BTC/USD was nonetheless round 1.8% greater.