Bitcoin Tests New Support And Resistance Levels

BTC is retesting major support and resistance zones and analysts believe the long-term outlook will continue to rise if Bitcoin can close above $63,000. The sharp drop in Bitcoin (BTC) price triggered a market-wide sell-off that included nearly all the tokens in the top 200 flashing red on November 16. Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin price dropped as low as $58,609 before rising to $60,500. Bitcoin Tests New Support And Resistance Levels Details on BTC's daily price action were provided by Twitter user "John Wick" who posted the chart below, which highlights some key support and resistance zones. Wick said that Bitcoin is testing the resistance zone and highlighted the possibility of a drop to the $58,000 to $59,500 range, similar to the move seen in the early trading hours on Nov. “We are only testing the low range of the resistance zone. If we break this resistance at the close, BTC could test the support zone,” Wick said. said. On the other hand, Rekt Capital, said, “#BTC has only pulled back -15% this month. Note that in September, BTC retraced -25% before hitting All-Time Highs. Although this current recovery is shallower compared to September, the emotional response it has generated seems much greater.” Rekt Capital continued, “BTC is successfully retesting $58700 as support. An excellent rebound.” Now that BTC has successfully recovered near the $61,000 monthly level, we could see an uptick in the coming weeks if the price manages to close above the bearish level.     Source: Investing.com You may also be interested in: Bitcoin 'Recovers Perfectly' From $58,500 Level