Bitcoin (BTC) Might Slip Below $60k This Weekend?
- Following US inflation statistics, BTC started to lose value and approached $60,000.
- BTC may reach record highs of about $66,999 if it allows further rising.
It was a mixed bag on Nov. 6 as the cryptocurrency market cap is $2.71 trillion. Bitcoin has been consolidating for a while. Due to the current price activity, it is still on a bull run. Bitcoin’s price has been stabilizing, although the daily and weekly closes have been over $60k.
Bitcoin just hit an all-time high of $67,500. Since then, the dominating cryptocurrency has traded over $60k. Several cryptocurrencies, including Ether, Shiba Inu, Solana, and Polkadot, have recently hit fresh highs. On Oct. 20, Bitcoin hit a new high of $66,974. Last month’s price rise coincided with the much-anticipated release of the first Bitcoin ETF on the NYSE.
Facing Resistance Between $62K and $65K
The Flagship currency is seeing substantial market resistance between $62k and $65k. The price is nearing but not above this level, halting the BTC spike.
Following US inflation statistics, BTC started to lose value and approached $60,000 in a few days. Despite a quick return to $63,000, the overall situation has deteriorated. Bitcoin is poised to break past the $64,000 barrier mark. BTC may reach record highs of about $66,999 if it allows further rising.
Bitcoin was trading at $60,589 USD, according to CoinMarketCap. Bitcoin must first break the pivot at $61,727 to reach the first substantial barrier at $62,755. But for Bitcoin to burst beyond the morning high of $62,600, the market must back it. Breaking the pivot at $61,717 reintroduces the first major support level at $60,388. Unless the sell-off continues throughout the afternoon, Bitcoin should stay over $59,000.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
