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Bitcoin price avoids recent lows while hovering near $59k

www.thecoinrepublic.com 22 November 2021 01:41, UTC
Reading time: ~3 m

  • Bitcoin price sentiments enhanced helping it to protect from further retests
  • Long term investors sentiment still seemed bullish
  • The Crypto Fear & Greed Index is in neutral territory which is just below the $60k mark
  • The network fundamentals were also unfazed by the week’s events

Bitcoin price has attracted several with its notable gains, but the asset remained highly volatile. Amid the global COVID-19 pandemic, the coin witnessed mainstream adoption and attention globally. Although the flagship crypto coin is able to hit new highs, it also faced several corrections. Notably, after achieving the new ATH earlier this month, the BTC price lost its momentum and analysts deemed further bearish trend. However, this weekend the things seems looking up for the bull as some much-welcomed relief after multi-week lows.

Bitcoin price challenges $60,000

On Sunday, the Bitcoin price hovered near the price level of $59k after avoiding a retest of its recent lows. According to data from TradingView, the cryptocurrency almost hit $60k before consolidating in a new higher range after sudden gains on Saturday evening. Notably, BTC had hit lows of $55,650 during the last week. Hence, the price marked its lowest point in more than a month, but further retests failed to materialize as sentiments enhanced. Analysts in the market looked to the long term to understand the overall health of the market while adopting a calmer perspective into the weekly close.

Source: TradingView

Following the Bitcoin price movements, Analyst Rekt Capital summarized that since breaking its black 200-day EMA, the coin designed by Satoshi Nakamoto rallied to new ATHs. However, the coin was near more than 50% above the 200 EMA, despite the recent corrections from all-time highs. Indeed, long term investors sentiment still seemed bullish.

Super cycle and Lengthening cycle is still the case

According to few on-chain metrics, the reasoned view has been supported. Notably, the Crypto Fear & Greed Index is in neutral territory which is just below the $60k mark. On the other hand, we have also noted that the network fundamentals were also unfazed by the week’s events. The hashrate stayed near its ATH and difficulty is still on track to incline modestly at the next readjustment.

According to Pentoshi, an independent analyst, it is identified that the area between $59k and $61k could be the point at which it would be prudent to reenter with spot longs. However, it is yet to be revealed whether such zones will be successfully reclaimed. Furthermore, experts also deemed that the Super cycle and Lengthening cycle for the crypto asset is still the case.

Altcoin market is steadily leading

Where Bitcoin is again struggling to gain momentum, altcoins like Ethereum (ETH) and Avalanche (AVAX) constituted solid performance. Notably, ETH has constituted one of the most robust performers among the top-10 crypto by market cap this weekend. Indeed, the performance of the asset was observed amid widely flat action. On the other hand, where ETH only gained about 2.3%, AVAX has been observed delivering a return of more than 12% within 24-hours.

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