Bitcoin Faces Resistance Near $64K, Support Between $55K-$60K

Upside momentum is slowing, which suggests a period of consolidation could persist in the short term.

Nov 5, 2021 at 11:23 a.m. UTC
Updated Nov 5, 2021 at 8:47 p.m. UTC

Bitcoin (BTC) continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.

If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.

Bitcoin was trading around $61,500 at press time and is roughly flat over the past 24 hours.

For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.