Bitcoin avoided recent lows as the BTC price reached $60,000 at the weekly close

Bitcoin (Bitcoin) Hovered around $59,000 at the close of trading on November 21 to avoid retesting its recent lows.

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

BTC challenges $60,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD almost touched $60,000, and then consolidated in a new higher range after a sudden rise on Saturday night.

This pair has Reached a low of $55,650 This week, these were the lowest points in more than a month, but as mood improved, further retesting failed to materialize.

Therefore, analysts take a more calm view at the close of the week and therefore focus on the long-term to understand the overall health of the market.

“Since breaking through its black 200-day EMA, BTC has rebounded to a record high. Despite its recent retracement from ATH, it is still more than 50% higher than the 200 EMA,” Rekt Capital Summarize That day.

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

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

The indicators on the chain support a reasonable view, and the crypto fear and greed index is in the neutral zone, slightly less than $60,000.

Network fundamentals have also not been affected by the events that happened this week Hash rate Maintaining near historical highs, and the next adjustment due on November 27, the difficulty is still expected to rise slightly.

At the same time, trader Pentoshi identified the area between $59,000 and $61,000 as a point for cautiously re-entering the spot long if the area is successfully recovered.

“In general, Bitcoin’s super cycle and extended cycle are still the same,” Cointelegraph writer Michaël van de Poppe Add to.

Ethereum, avalanche leads the slow altcoin market

Regarding altcoins, ether (Ethereum) Is one of the most stable currencies among the top 10 cryptocurrencies by market capitalization on Sunday, but the trend is basically flat.

related: 3 reasons why Bitcoin fell to $56,500 may be a partial bottom

At the time of writing, the ETH/USD transaction price rose by 2.3%, while the outlier Avalance (AVAX) Delivered 12% return After more than 24 hours, it entered the top 10 for the first time and launched Dogecoin (dog).

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

Despite a sudden rebound on Saturday, BTC/USD still rose by about 1.8%.