Bitcoin Declined Below $58K; Support Between $53K-$55K
The cryptocurrency is down about 2% over the past 24 hours and is roughly flat over the past week.
Nov 30, 2021 at 7:05 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RARNKGCBZBAFRHG4AZ5ICZVOCY.png)
Bitcoin four-hour price chart shows support/resistance levels (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) buyers failed to sustain Monday’s price bounce, although support around $53,000-$55,000 could stabilize the current pullback.
The cryptocurrency is down about 2% over the past 24 hours and is roughly flat over the past week.
The downward-sloping, 100-day moving average on the four-hour chart indicates a short-term downtrend. This means buyers have consistently taken some profit on rallies over the past month.
Recently, the $60,000 resistance level has been a key hurdle for buyers despite oversold readings on the charts. So far, support levels remain intact, which could establish a tight trading range between $55,000-$60,000 into the Asian trading day. BTC was trading around $57,800 at press time.
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Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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