Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief after multi-week lows.
Bitcoin (BTC) hovered near $59,000 as Nov. 21 came to a close after avoiding a retest of its recent lows.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC challenges $60,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD almost hitting $60,000 before consolidating in a new higher range after sudden gains Saturday evening.
The pair had hit lows of $55,650 during the week, these marking its lowest point in over a month, but further retests failed to materialize as sentiment improved.
Adopting a calmer perspective into the weekly close, analysts thus looked to the long term to understand the overall health of the market.
“Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Still over +50% above the 200 EMA, despite the recent retrace from ATHs,” Rekt Capital summarized on the day.
“Long-term investor sentiment is still bullish towards Bitcoin.”
BTC/USD 1-day candle chart (Bitstamp) with 200-day moving average (EMA). Source: Rekt Capital/ Twitter
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
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
— Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) November 19, 2021
“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).
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
Despite Saturday’s abrupt upturn, BTC/USD was still around 1.8% higher.