Bitcoin Price Prediction November 25

Bitcoin prices rebound from their opening price of $57.158. The buying interest could increase as they approach $60,000.

BTC/USD Long-term Trend : Ranging (Daily chart)

These are the key levels

Resistance Levels: $64,000 - $66,000 - $68,000

Support Levels: $53,000, $51,000, $49,000

BTC/USD is currently in a range as the market sets a higher high-low around $59,238. However, it is rebounding to test previous resistance at $60,000. On the road to recovery, the bulls could continue to find resistance levels higher than the 9-day or 21-day moving averages.

Bitcoin Price Prediction: BTC Price May Move Higher

The Bitcoin price has been trading at $57.158 for the last few hours. Now, the king coin is facing resistance at $60,000 and looks forward to reclaiming $62,000. The daily chart shows that the coin's next direction will be confirmed if it crosses the 21-day moving mean. BTC/USD could fall if it breaks below the $57,000 support, but it could rise if it reaches the $60,000 resistance.

The technical indicator Relative strength Index (14) will likely cross the 50-level. This would indicate a bullish move. If the Bitcoin price remains above the 9-day moving mean, it may cross the 21 day moving average and reach the resistance levels at $64,000, $66,000 and $68,000. However, any movement below this channel's lower boundary could hit the supports at $51,000, $51,000 and $49,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

The 4-hour chart shows that the Bitcoin price is expected to rebound as the technical indicator Relative Strength Index moves above 60-level. If the Bitcoin price continues to move above the 9-day or 21-day moving mean, the bullish influence could increase and the accrued profits may be massive.

Until then, market movements may not cross below the moving averages. The nearest support level could be found at $57,000 or below. However, the bulls should hold above the resistance level at $58,000 and focus their attention on breaking through the potential resistance at $62,000 or higher.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Retraces Above $59,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-retraces-above-59000
Published Date: Thu, 25 Nov 2021 20:07:40 +0000