Bitcoin Price Prediction: BTC/USD Retraces Above $59,000

Bitcoin Price Prediction – November 25

The Bitcoin price rebounds from the opening price of $57,158 as the buying interest may increase on approach to $60,000.

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

Key levels:

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

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

BTCUSD – Daily Chart

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BTC/USD is ranging as the market establishes a higher high low around $59,238 but currently rebounding to retest previous resistance at $60,000. The bulls may continue to find some resistance levels above the 9-day and 21-day moving averages on the road to recovery.

Bitcoin Price Prediction: BTC Price May Move Higher

In the past few hours, after the Bitcoin price begins the daily trading at $57,158, the king coin is now facing the resistance level of $60,000 and looking forward to reclaiming the resistance level of $62,000. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it will confirm the next direction that the coin will follow. On the contrary, BTC/USD may decline if the $57,000 support breaks down but the price could rise if the $60,000 resistance is reached.

Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 50-level, indicating a bullish movement. Therefore, if the Bitcoin price stays above the 9-day moving average, it could cross the 21-day moving average and hit the resistance levels of $64,000, $66,000, and $68,000 but any movement below the lower boundary of the channel may hit the supports at $53,000, $51,000, and $49,000.

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

According to the 4-hour chart, the Bitcoin price is seen rebounding as the technical indicator Relative Strength Index moves around 60-level. Looking at the upside, if the Bitcoin price keeps moving above the 9-day and 21-day moving averages, bullish influence may spike and the accrued gains massively.

BTCUSD – 4 Hour Chart

In the meantime, the current market movement may fail to cross below the moving averages and the nearest support level could be located at $57,000 and below but the best the bulls can do is to hold above the resistance level of $58,000 and keep their attention on breaking the potential resistance at $62,000 and above.

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Read more:

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