Bitcoin 'solidifies' support at $58K as BTC price volatility hits 7-month low

Bitcoin 'solidifies' support at $58K as BTC price volatility hits 7-month low


Bitcoin (BTC) hit multi-day highs of $58,300 overnight into Nov. 25 with investors betting on reduced likelihood of a further major price dip.

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

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging above $57,000 Thursday, printing a higher low on the daily chart.

Trending: Looney Bette Midler Wants Trump Arrested for ‘Trying to Kill’ Biden

This, trader and analyst Rekt Capital believes, shows support “solidifying” at current levels, with hope therefore remaining of a more convincing trend reversal.

“Bitcoin has certainly solidified its support here, producing a long downside wick into the bottom of the black wedging structure and rebounding strongly,” he told Twitter followers.

“Also, today’s candlestick is forming a Higher Low relative to yesterday’s Daily candle.”BTC/USD 1-day annotated candle chart (Coinbase). Source: Rekt Capital/ Twitter

The mood was shared by crypto trading firm

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend