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Where will Bitcoin end in November 2021? 5 things to watch out for this week.
Cryptocurrency market November 30, 2021: The battle with Bitcoin, Ethereum
Traders expect Bitcoin to close above $ 60,000 in November – here’s why
Bitcoin bounces back to $ 57,000 at the start of the new week after an upward move over the weekend produced a much better weekly close than many expected.

To offset last week’s coronavirus sell-off that drove the price down, Bitcoin broke the $ 58,000 mark before being corrected but is still up about 4.7% as of press.

With the current situation, nobody can be safe in the coming hours and days. The threat of the epidemic is still present and sellers are “lurking” to take advantage of the optimists on the recent upward trend.

Less than 24 hours before the end of November, the article will analyze the factors that have the potential to affect Bitcoin price action this week.

Bitcoin bounces off in record time
Just 3 days after losing $ 6,000 on a daily candle, BTC has bounced back from the abyss.

At the end of the week, the price rebounded to close the week at $ 57,300, avoiding a 2 month weekend low.

The upside momentum stopped there, however, with $ 57,000 still in focus at press time.

In one analysis Recently, a well-known trader and analyst Rekt Capital noted that the 21-week exponential moving average (EMA) at USD 52,500 is a “proven bull market indicator” offering support. He emphasized:

However, despite the local high of $ 58,300, Bitcoin has yet to break out significantly as it failed to break the resistance of the “heavy dollar” at $ 60,000.

All previous attempts to convert this selling zone into support since the loss have been fiercely rejected.
The data shows the price hike surprised some, with liquidations worth nearly $ 300 million in the past 24 hours.

The funding rate on Sunday was neutral but now rising, signaling a return to optimism.

“All you need is a daily + 7% candle to dispel any fear and fear of the new bear market,” Rekt Capital Says.

He said BTC is “doing well” as it nears the end of the month late Tuesday, which is expected to close above $ 58,700.

Corona and repeat scenario from March 2020
Macro markets started the week in turmoil when the new Coronavirus variant Omicron shook market sentiment.

“We really need a few more answers to understand the impact on growth. Risk assets price in uncertainty”said Priya Misra, head of global rate strategy at TD Securities. called today.

There was massive volatility across the board last week as bitcoin and altcoins that followed stocks, oil and other assets plunged into a lightning sell-off.

As of the beginning of this week, that trend continues in the Asian market, with a 1-2% decline at the time of writing.

Hence, despite Bitcoin’s rebound, further disruptions in macrostructures could hamper the newfound optimism.

The bulls anticipate a similar scenario to March 2020 when the coronavirus hit markets around the world and then sparked an unprecedented bull run.

However, some familiar faces have criticized Bitcoin for not being able to evade the risk.

“Less risk does not make Bitcoin secure”, Peter Schiff Arguments on Friday predict that bitcoin will eventually become “as risky as any altcoin”.

$ 50,000 is a reminder of the previous minimum price of $ 30,000
Those concerned about a correction in current levels may not need to look too far on the BTC price chart.

According to the latest order book data from the analysis platform Material Scientist, a massive buywall will keep the market above $ 50,000.

When comparing $ 50,000 to a new $ 30,000, the current retracement from all-time highs is negligible compared to other times – not least the nearly 50% decline in May.

As we went on, Material Scientist noticed something unusual: the very entity that created support is also creating a resistance at $ 70,000.

“Essentially, one player keeps the entire market within reach. They knew a month in advance how the whole thing was going to develop. ”

Therefore, $ 70,000 is an important level for bulls looking to resume the bull cycle before the end of the fourth quarter of 2021.

Crucial days are coming for 3 Bitcoin price correlations
The next few weeks will be “talkative” for Bitcoin as it “makes or breaks” a number of important correlations.
Without zooming out on the chart, it’s easy to forget how far Bitcoin has come in the past 12 months. On Thanksgiving last year (which also saw a brief sell-off), BTC traded for less than $ 16,500.

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DISCLAIMER: I am not a financial adviser. I just try to explain how the market moves from time to time. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. I can help you to unders