Bitcoin toys with $60K as crucial price support level sees multiple retests

Bitcoin toys with $60K as crucial price support level sees multiple retests


Bitcoin (BTC) bounced at the pivotal $58,400 during Nov. 17 as the day continued choppy price action. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: This isn’t the “real” bear market

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD abruptly reversing after its fourth wick below $59,000 in 24 hours.

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

The $58,400 level had been pronounced as a key line in the sand for bulls Tuesday, this necessary to hold in order to avoid deeper losses.

True to form, Bitcoin quickly returned above $60,000 after the retest to see local highs of $60,890 on Bitstamp.

“The real BTC Bear Market is still months away,” a hopeful Rekt Capital summarized.

Fellow trader Pentoshi forecast a return to a zone between $62,000 and $63,000 “over the next 1-3 days,” likewise urging calm over current

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