BTC/USD Is Unable To Sustain Above $60k as Bitcoin Faces Strong Rejection- November 26, 2021
On November 25, BTC/USD rallied to $60,000 resistance zone as Bitcoin faces strong rejection. BTC price rallied to the high of $59,200 as price reached the overbought region. Presently, the BTC price is retracing from the recent high. Bitcoin is retracing because the market reached an overbought region. The cryptocurrency is likely to resume upward if price finds support above the moving averages.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Yesterday, Bitcoin rallied close to the $60,000 psychological price level but was repelled. BTC price traded and reached the high of $59,200. Similarly, on November 20 and 21, buyers pushed BTC price to the $60,000 resistance but the market dropped sharply to $56,650 low. Today, BTC price is retracing on the downside. If price … Read more