BTC/USD Faces Rejection at $58k as Bears Resume Selling
BTC/USD Repels at $59k High as Bears Resume Selling- November 30, 2021
Today, BTC/USD is declining after retesting the $59,000 resistance zone as bears resume selling. In the previous price action, the BTC price broke the $58,000 resistance but was repelled at the $59,000 resistance zone. Bitcoin was rejected at the overbought region of the market. The selling pressure will extend to the low of $57,000 support. The upward move will resume if the $57,000 holds.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
Following the bullish impulse above the $54,000 support, Bitcoin’s (BTC) price rallied to the high of $59,000 resistance zone. The first uptrend was stalled at the $58,000 resistance. BTC price pulled back and retested the recent high to break above it. The bulls overcome the $58,000 resistance but could not sustain the bullish momentum above the recent high. Consequently, the market is retracing as a result of the overbought condition of the cryptocurrency. On November 25 uptrend; Bitcoin was also resisted at the $59,000 resistance zone. The cryptocurrency declined to the $53,755 low as bulls bought the dips. The retracement has subsided as Bitcoin fluctuates above the $57,000 support for possible upward.
Bitcoin (BTC) Indicator Reading
BTC price is below the 21-day line and the 50-day line moving averages which indicate a possible downward move of the cryptocurrency. On the lower time frame, the BTC price is above the moving averages. Bitcoin will resume a fresh uptrend if price holds above the moving averages. Conversely, the selling pressure will resume if price breaks below the moving averages. Bitcoin has fallen to level 45 of the Relative Strength Index for period 14. It indicates that Bitcoin is in a downtrend zone and capable of falling on the downside. Presently, BTC price is below 80% range of the daily stochastic. Bitcoin is in a bearish momentum as the stochastic bands sloped downward.
Meanwhile, BTC/USD is fluctuating above the $57,000 support as bears resume selling. This is a positive move as Bitcoin resumes a new uptrend. On the upside, if buyers sustain BTC prices above $60,000, Bitcoin will be out of downward correction. Possibly, the upside momentum will resume.
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