Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close
Bitcoin (BTC) hovered near $59,000 as Nov. 21 came to a close after avoiding a retest of its recent lows.
On-chain metrics supported the reasoned view, with the Crypto Fear & Greed Index in neutral territory at just below $60,000.
Network fundamentals were similarly unfazed by the week's events with the hash rate staying near all-time highs and difficulty still on track to rise modestly at the next readjustment due Nov. 27.
Fellow trader Pentoshi meanwhile identified the area between $59,000 and $61,000 as the point at which it would be prudent to reenter with spot longs should that area be successfully reclaimed.
Gave local top and bottom on $ETH— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) November 19, 2021
How I plan to trade it. Looking for LH from here to 4570. *IF* 4570 is flipped then happy to buy back higher
Playing for LH and a 2nd leg down to 36xx
Same with $BTC looking for 59-61. If reclaim = buy back otherwise looking for LH
If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN
"Overall, super cycle and lengthening cycle for Bitcoin is still the case," Cointelegraph contributor Michaël van de Poppe added.
Ethereum, Avalanche lead a slow altcoin market
On the topic of altcoins, Ether (ETH) constituted one of the most solid performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat action.
Related: 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, while outlier Avalance (AVAX) delivered 12% returns over 24 hours and entering the top-10 for the first time to push out Dogecoin (DOGE).
Despite Saturday's abrupt upturn, BTC/USD was still around 1.8% higher.
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