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

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Bitcoin (BTC) hovered around $ 59,000 at the end of November 21 after avoiding a retest of its recent lows.

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

BTC challenges $ 60,000

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD nearly hit $ 60,000 before consolidating in a new higher range after sudden gains on Saturday night.

The pair had hit a low of $ 55,650 during the week, marking its lowest point in more than a month, but further tests failed to materialize as sentiment improved .

Taking a more serene outlook at the weekly close, analysts looked to the long term to understand the overall health of the market.

“Since breaking its 200-day black EMA, BTC has rallied to new all-time highs. Still over 50% above the 200 EMA, despite recent ATH retracement,” Rekt Capital abstract to the day.

“Long-term investor sentiment is still bullish on Bitcoin.”

1-day BTC / USD candle chart (Bitstamp) with 200-day moving average (EMA). Source: Rekt Capital / Twitter

On-chain metrics supported the reasoned view, with the Crypto Fear & Greed Index in neutral territory at just under $ 60,000.

The fundamentals of the network were also not disrupted by the events of the week, with the hash rate remaining near all-time highs and the difficulty still on track to increase slightly during the next readjustment scheduled for November 27.

Meanwhile, trader Pentoshi identified the area between $ 59,000 and $ 61,000 as the point at which it would be prudent to enter long spot positions if that area was successfully recovered.

“Overall, the super cycle and the lengthening cycle for Bitcoin is still the case”, Cointelegraph contributor Michaël van de Poppe added.

Ethereum and Avalanche lead a slow altcoin market

When it comes to altcoins, Ether (ETH) was one of the top performers among the top 10 cryptocurrencies by market cap on Sunday, amid broadly flat action.

Related: 3 Reasons Bitcoin’s Drop To $ 56.5,000 May Have Been The Local Low

ETH / USD was trading up 2.3% at time of writing, while outlier Avalance (AVAX) delivered 12% 24-hour returns and entered the top for the first time 10 to exit Dogecoin (DOGE).

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

Despite Saturday’s sharp rally, BTC / USD was still around 1.8% higher.