Bitcoin, or BTC, hovered close to $59000 when 21st November ended. The cryptocurrency had dodged retesting some of its most recent lows. As such, Bitcoin bulls have started being a bit more optimistic.
The Next Challenge For Bitcoin
Data from TradingView and Cointelegraph Markets indicated that Bitcoin (BTC/USD) almost reached the $60,000 point. Instead, it consolidated a brand new range of highs after recording some sudden gains on the evening of Saturday.
The pair’s price had decreased to as low as $55,650 in the duration of the week. This was the lowest point of the pair in more than a month. However, no more retests materialized because the sentiment surrounding them improved.
As analysts adopted a perspective that was calmer as the week closes, they looked at Bitcoin’s long-term to get an understanding of the market’s overall health. A summary from Rekt Capital read that BTC reached a new ATH after breaking its horrible EMA that lasted 200 days. It is still more than 50% higher than the 200 EMA mark, although the recent ATHs have retraced a lot.
Metrics from the chain were in support of the reasoned perspective. The Index of Crypto Fear & Greed put BTC at natural territory where it was located a little under $60,000.
The events of the week similarly unfazed the fundamentals of the Network. BTC’s hash rate stayed near ATHs. Its difficulty was still projected to see a modest increase when the upcoming readjustment comes on 27th November.
Pentoshi, a fellow Bitcoin trader, said that $59k to $60k would be the best range for re-entering spot longs if that range is successfully reclaimed. As far as altcoins go, ETH was among the top performers among the 10 highest ranked crypto according to the market cap on Sunday.