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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 close after avoiding a retest of its recent lows.

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

BTC challenges $60,000

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD nearly hitting $60,000 earlier than consolidating in a brand new larger vary after sudden good points Saturday night.

The pair had hit lows of $55,650 throughout the week, these marking its lowest level in over a month, however additional retests didn’t materialize as sentiment improved.

Adopting a calmer perspective into the weekly close, analysts thus appeared to the long run to grasp 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 recent retrace from ATHs,” Rekt Capital summarized on the day.

“Lengthy-term investor sentiment continues to be bullish in direction of Bitcoin.” 

<em>BTC/USD 1-day candle chart (Bitstamp) with 200-day transferring common (EMA). Supply: Rekt Capital/ Twitter</em>

On-chain metrics supported the reasoned view, with the Crypto Worry & 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 at the subsequent readjustment due Nov. 27.

Fellow dealer Pentoshi in the meantime recognized the space between $59,000 and $61,000 as the level at which it could be prudent to reenter with spot longs ought to that space be efficiently reclaimed.

“General, tremendous cycle and lengthening cycle for Bitcoin continues to be the case,” Cointelegraph contributor Michaël van de Poppe added.

Ethereum, Avalanche lead a sluggish altcoin market

On the subject of altcoins, Ether (ETH) constituted one in all the most 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% at the time of writing, whereas outlier Avalance (AVAX) delivered 12% returns over 24 hours and getting into the top-10 for the first time to push out Dogecoin (DOGE).

<em>ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView</em>

Regardless of Saturday’s abrupt upturn, BTC/USD was nonetheless round 1.8% larger.