BTC/USD Trades in a Tight Band as Bitcoin Retests $58.4K Resistance-November 25, 2021

BTC's price traded as Bitcoin retests $58.4K resistance over the past 48 hours. The price action has been characterized by candlesticks with small bodies. The recent upward trend is being resisted at its high. As the price reaches an overbought area, BTC/USD will likely fall once more. The trend isn't strong enough to break the moving averages. The moving averages will be broken if there is a strong rebound above current support.

Resistance Levels: $70,000 - $75,000 - $80,000 Support Levels : $50,000 - $45,000 – $40,000

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The market is now in bearish exhaustion after the downtrend. Bitcoin fluctuates above $55,700. BTC has traded in a narrow range of $56,000 to $58,400 prices since November 22. Buyers attempted to break the resistance at $58,400 on November 23-24, but were unsuccessful. If buyers had been able to break the resistance at $58,400, the market would have surged above the current high and broken the $60,000 mark.

The upside is likely to follow. Despite the resistance, Bitcoin is currently falling. Bitcoin will drop above $56,000 and then rebound upwards. If the bears fail to break the $56,000 support, and bearish momentum continues, the BTC/USD support zone will be $52,500 or $50,000. This will cause a deeper downtrend. Bitcoin trades at $57,378 as of the writing.

India's Crypto Price Drops After Crypto's Bill Announcement

In India, the parliament has announced that it will introduce 26 new bills to the Winter Session. It is known as the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. The bill proposes to vote on the creation of an official digital currency and a ban on all private cryptocurrencies, beginning Monday. The crypto ban announcement causes WazirX's token prices to crash on Indian crypto exchange WazirX. Caroline Bowler, CEO of BTC Markets, stated that the ban will not work long-term and would lead to a decline in investor interest. She also said that governments might try to ban or contain cryptocurrency, but the decentralized nature it has makes it somewhat impossible.

Buyers are trying to push BTC prices higher than the recent high, as Bitcoin retests the $58.4K resistance. Today, bulls are testing the resistance for the second consecutive time. It is likely that several tests will be required to break the resistance. The resumption or continuation of the uptrend will be signaled by a break above the moving averages.

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By: Azeez Mustapha
Title: Bitcoin (BTC) Price Prediction: BTC/USD Fluctuates Between $56k and $58.4K as Bitcoin Retests $58.4K Resistance
Sourced From: insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-fluctuates-between-56k-and-58-4k-as-bitcoin-retests-58-4k-resistance
Published Date: Thu, 25 Nov 2021 12:08:57 +0000