Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close

At the time of composing, ETH/USD was up 2.3%. Outlier Avalance (AVAX), which provided 12% returns in 24 hours, went into the top-10 to push out Dogecoins (DOGE) for the first-time.

Avalanche and Ethereum lead the sluggish altcoin market.

BTC has rallied to brand-new All Time Highs given that breaking its 200-day EMA. Rekt Capital mentioned that BTC was still over 50 percent above the 200 EMA despite current retraces from ATHs.

* IF * 4570 is flipped then I am happy to purchase higher. Same as $BTC looking to buy 59-61. If reclaim = buy back otherwise looking for LH If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN.

Pentoshi, a fellow trader, identified the $59,000 to $61,000 location as the point where it would be sensible for area longs to reenter needs to that area be successfully recovered.

In spite of Saturdays sudden upturn, the BTC/USD rate was still 1.8% greater.
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Experts viewed the markets long-lasting health from a more calm viewpoint than the weekly close.

The set hit a low of $55,650 over the week. More retests stopped working as sentiment improved.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView.

BTC challenges $60,000.

Bitcoin (BTC), hovered around $59,000 as Nov. 21 ended. This was after it prevented a retest its current lows.

In a broad flat market, Ether (ETH), one of the top-10 cryptocurrencies, was the best performer among the altcoins.

Related: Three reasons why Bitcoin dropped to $56.5 K.

Michael van de Poppe, a Cointelegraph factor, specified that overall, the supercycle and extending cycles for Bitcoin are still real.

” Long-term financier belief remains bullish towards Bitcoin.”.

BTC/USD 1-hour candle light charts (Bitstamp). Source: TradingView

The set struck a low of $55,650 over the week. These were its floors in more than a month. However, additional retests failed as sentiment improved.

* IF * 4570 is flipped then I am pleased to purchase higher. Very same as $BTC looking to acquire 59-61. If reclaim = buy back otherwise looking for LH If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN.
— Pentoshi Wont Dm You. Dms are a hateful thing. DMs are scams (@Pentosh1) November 19, 2020.

BTC/USD 1-day candle charts (Bitstamp), with 200-day moving Average (EMA). Source: Rekt Capital/ Twitter.

The weeks events did not affect network fundamentals. The hash rate remained near its all-time highs, while trouble was still expected to increase decently at the next modification due Nov. 27.

The reasoned view was supported by on-chain metrics, with the Crypto Fear & Greed Index at simply under $60,000.

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was close to $60,000, before consolidating in a higher range following abrupt gains Saturday night.

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