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

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

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

BTC challenges $60,000

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD virtually hitting $60,000 earlier than consolidating in a brand new greater vary after sudden positive aspects 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 appeared to the long run to know 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 current retrace from ATHs,” Rekt Capital summarized on the day.

“Lengthy-term investor sentiment remains to be bullish in the 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 slightly below $60,000.

Community fundamentals had been equally unfazed by the week’s occasions with the hash rate staying close to all-time highs and problem nonetheless on monitor to rise modestly on the subsequent readjustment due Nov. 27.

Fellow dealer Pentoshi in the meantime recognized the realm 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 remains to be the case,” Cointelegraph contributor Michaël van de Poppe added.

Ethereum, Avalanche lead a gradual altcoin market

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

Associated: 3 reasons why Bitcoin’s drop to $56.5K may have been the local bottom

ETH/USD traded up 2.3% on the time of writing, whereas outlier Avalance (AVAX) delivered 12% returns over 24 hours and getting 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.