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Bitcoin (BTC) has returned to $57,000 as a new week begins, after a late rally produced a much better weekly close than many expected.
To offset last week’s Coronavirus-induced sell-off, Bitcoin surpassed $58,000 overnight before consolidating higher, gaining around 5.7% on the day.
Bitcoin Rises Again in Record Time
After losing $6,000 in just one day, three days later BTC is back on track.
At the end of the week, BTC/USD rallied to produce a weekly close of $57,300 on Bitstamp – hence avoid lowest weekend rates in two months.
In a new analysis, prominent trader and analyst Rekt Capital notes that the 21-week exponential moving average (EMA) at $52,500 has provided support as a “time-tested bull market indicator”.
However, despite the high at $58,300, Bitcoin has yet to make a clear breakout, as key resistance at $60,000 remains untouched.
BTC 4hr (linear):
Parallel cannel pic.twitter.com/pqrEfHQoHr
— Nunya Bizniz (@Pladizow) November 29, 2021
The data shows that the increase in the price of BTC caught some people by surprise, with the amount liquidation nearly 300 million dollars in the last 24 hours.
Sponsorship rate is also increasing, signaling a return of optimism towards a BTC price recovery.
“All it takes is a daily +7% candle to melt away any fear and anxiety about a new BTC Bear Market,” Rekt Capital say more .
Grandfather said BTC/USD is “favorable progress” when it comes to closing the monthly candle.
Coronavirus and fear in March 2020
Macro markets are expecting a tumultuous start to the week as the new coronavirus variant, omicron, continues to bring panic.
“We really need some more answers to figure out the impact on growth,” Priya Misra, head of global rate strategy at TD Securities speak.
“Risk assets are pricing in uncertainty.”
Last week saw widespread volatility as Bitcoin, altcoins followed stocks, oil and other traditional assets in a flash sell-off.
Asian markets look set to resume their trend on Monday, with a 1-2% drop at press time.
The bulls are hoping that the scenario will play out the same way as it did in March 2020, when a spike overshadowed previous highs.
“Less Risk Doesn’t Make Bitcoin Safe,” Mr. Peter Schiff who is always against BTC forecast that Bitcoin will eventually become “risky as any altcoin.”
Someone is controlling the market
According to data from Material Scientist, a massive buy wall is now in place and will keep the market above $50,000.
“This is the biggest bid since the 30k bottom.” Material Scientist said
Moving on, Material Scientist noted that something was amiss – an entity responsible for support as well as resistance at $70,000.
“Basically, there is one actor that drives the entire market at their fingertips,” Material Scientist explains.
“They knew a month in advance how this whole thing was going to play out.”
$70,000 thus constitutes an important milestone for the bulls looking to see a continuation of the bull cycle before the end of Q4 2021.
The next few weeks will be “talkative” for Bitcoin as it breaks down some important correlations.
That was the conclusion from popular analyst TechDev on Twitter over the weekend as Bitcoin continued to recreate gold’s journey since the 1970s.
There is a similarity strange between the BTC/USD chart in 2020-21 and the XAU/USD fifty years ago.
If the trend continues, Bitcoin will face a strong rally with prices peaking towards $280,000. The deadline is mid-February 2022.
December will see between $70,000 and $110,000 for BTC/USD.
Around $150,000 could be reached in mid-December, $225,000 could appear in mid-February.
“Mid-December to late January with a peak of ~230K is still my prediction,” TechDev writes.
Where Will Bitcoin End “Moonvember”?
This used to be everyone’s million-dollar question – but now, acceptance is spreading that this bull market may take longer than intended to mature.
Even so, short-term optimism remains.
In a survey conducted on Twitter by the account @Bitcoin, the majority of respondents predict that BTC/USD will end in November above $60,000.
35% chose the highest possible price in the survey, another 25.7% predicted a November close between $55,000 and $60,000.
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