Bitcoin (BTC) hovered around $ 59,000 at the end of November 21 after avoiding a retest of its recent lows.
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.”
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.
Gave the local up and down on $ ETH
How I plan to trade it. Looking for LH by 4570. * IF * 4570 returned so happy to redeem higher
Play for LH and a 2nd stage up to 36xx
Even with $ BTC looking for 59-61. If to recover = to redeem otherwise look for LH
If = then https://t.co/judmSGfoIu pic.twitter.com/OhyBcpH7uN
– Pentoshi won’t beg you. hate Dm. DMs are scams (@ Pentosh1) November 19, 2021
“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).
Despite Saturday’s sharp rally, BTC / USD was still around 1.8% higher.