{"id":370603,"date":"2021-11-22T11:15:26","date_gmt":"2021-11-22T08:15:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2021-11-22T11:15:26","modified_gmt":"2021-11-22T08:15:26","slug":"60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# $60K becomes resistance \u2014 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c589f2d6c1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c589f2d6c1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/#60000_flips_to_resistance\" >$60,000 flips to resistance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/#Uncanny_resemblances\" >Uncanny resemblances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/#Funding_rises_on_60000_rematch\" >Funding rises on $60,000 rematch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/#Dollar_is_the_star_of_the_show\" >Dollar is the star of the show<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/60k-becomes-resistance-5-things-to-watch-in-bitcoin-this-week\/#Sentiment_says_%E2%80%9Cwait_and_see%E2%80%9D\" >Sentiment says &#8220;wait and see&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $60K becomes resistance \u2014 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) begins a new week with a rare dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointment for its Q4 bull run \u2014 failing to crack previous support.<\/p>\n<p>After a promising weekend, BTC\/USD ultimately saw rejection at $60,000 twice, and has since headed below $57,000 as market momentum wanes.<\/p>\n<p>The stakes are high: some believe that sky-high Bitcoin price targets can still be met by the end of the month, while others believe that this bull market will take longer to play out than previous ones.\u00a0<\/p>\n<p>With November looking ever more likely to break with tradition and underdeliver \u2014 both compared to recent months and old bull market years \u2014 traders and analysts are gearing up for a nerveracking but potentially interesting monthly close.<\/p>\n<p>Cointelegraph takes a look at five factors that could shape BTC price action in the final week of a uniquely stressful &#8220;Moonvember.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"60000_flips_to_resistance\"><\/span>$60,000 flips to resistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For most of the weekend, the mood among analysts was simple: &#8220;it could be worse.&#8221;<\/p>\n<p>After hitting five-week lows of $55,650, BTC\/USD managed to claw back some of its losses, and on Saturday even &#8220;gapped higher&#8221; to take a swing at $60,000.<\/p>\n<p>This was ultimately unsuccessful, but Sunday saw a further attempt, Bitcoin enjoying a few brief minutes in the $60,000 range before a firm rejection sent the market tumbling once again.<\/p>\n<p>At the time of writing Monday, $57,000 is forming a focus, with the clear impetus that what was once solid support has flipped to resistance.<\/p>\n<p>Popular trader Pentoshi summarized the mood, reiterating his desire for $61,000 to be reclaimed as support for bullish continuation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> why 61k important? <\/p>\n<p>Bc support bc came resistance. Hence the focus on that area for me for now. <\/p>\n<p>Here is another way to look at it. <\/p>\n<p>What do I want? I want it over 61k. Does the market care what we want? <\/p>\n<p>No.<\/p>\n<p>61,000 United states dollars for return of the bull <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/egMRfuLxfV\">pic.twitter.com\/egMRfuLxfV<\/a><\/p>\n<p>\u2014 Pentoshi Won\u2019t Dm You. hates Dm\u2019s. DM&#8217;s are scams (@Pentosh1) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1462633369087496194?ref_src=twsrc%5Etfw\">November 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>November 2021 has so far delivered negative returns of -6.5% for hodlers, making it one of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/today\">just three<\/a> such Novembers in Bitcoin&#8217;s history not to produce gains.<\/p>\n<p>As Cointelegraph reported, other years have seen transformative price action, not least of all 2020, when BTC\/USD climbed almost 43% in November.<\/p>\n<p>Sunday&#8217;s downturn nonetheless did manage to fill the latest CME futures gap created on Friday, something which has again become a feature of spot price action this month.<\/p>\n<p>For fellow trader and analyst Crypto Ed, this is what needed to happen to increase the odds of fresh upside returning in the new week.<\/p>\n<p>&#8220;Waiting for another leg down to fill CME tonight and up from there again the coming days,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1462380086057918467\">said<\/a> in part of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> comments Sunday.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/a9588ee3-9114-4b7f-8d0d-1d07dca96a28.png\"><figcaption style=\"text-align: center;\"><em>CME Bitcoin futures 1-hour candle chart showing gap. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Uncanny_resemblances\"><\/span>Uncanny resemblances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For all the frustration of a Bitcoin correction just when it is least welcome, not everyone is surprised \u2014 or worried.<\/p>\n<p>Short timeframes can paint a completely different picture of market health to longer ones, and it is these that commentators are eyeing to support an enduring bull thesis this week.<\/p>\n<p>&#8220;If in doubt, zoom out&#8221; \u2014 compared to its performance in its two previous years after block subsidy halvings, Bitcoin remain right on track.<\/p>\n<p>&#8220;Remarkably similar corrective structures so far on the BTC 8H,&#8221; analyst TechDev <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TechDev_52\/status\/1462421198407622657\">confirmed<\/a> Sunday. <\/p>\n<blockquote><p>&#8220;Almost to the day 4 years apart. 2021 continues to run 5-8 days behind 2017 since July.&#8221;<\/p><\/blockquote>\n<p>TechDev referred to data showing that not only has Bitcoin repeated its 2017 performance this year, but also practically copied the timeframes for each phase of its bull market.<\/p>\n<p>Should this continue, the predicted blow-off top phase should also appear \u2014 except this time, an order of magnitude higher than 2017&#8217;s $20,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/6226b8a7-fc03-4af0-ae58-8ba91d63a736.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart comparison with RSI highlighted. Source: TechDev\/ Twitter<\/em><\/figcaption><\/figure>\n<p>A chart further shows how Bitcoin&#8217;s relative strength index (RSI) is copy-pasting its 2017 performance in November in particular.<\/p>\n<p>Typically, bull cycle tops are accompanied by an RSI reading of 90 or more, this far from the current reading on lower timeframes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Funding_rises_on_60000_rematch\"><\/span>Funding rises on $60,000 rematch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite losing the battle for $60,000, the process of trying to exit lower levels has had an unwelcome impact on derivatives markets, where traders are increasing leverage once again.<\/p>\n<p>After being effectively &#8220;reset&#8221; to neutral during last week&#8217;s lows, funding rates are on the move again.<\/p>\n<p>Being overly positive, as is the caseon Bybit, OKEx and others at the time of writing, suggests a bullish bias \u2014 the expectation that further gains are on the cards.<\/p>\n<p>This can often have undesirable results, as a price downturn begins to unravel large numbers of positions, the snowball effect driving prices down even more.<\/p>\n<p>So far, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">liquidations<\/a> remain muted, however \u2014 $70 million for Bitcoin and $219 million across crypto markets over the past 24 hours.<\/p>\n<p>&#8220;Thining liquidations so question is which side of the market gets ran this week,&#8221; blogger 52skew summarized on Twitter Monday, noting what happened on the retest of $60,000.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/52kskew\/status\/1462626987889942529\/photo\/1\"><\/a><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The market is hungry for liquidity, decreasing buy and sell volume. <\/p>\n<p>(reflects most market participants are waiting for confirmations or hedged) <\/p>\n<p>Thining liquidations so question is which side of the market gets ran this week. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tpnOsyGErZ\">https:\/\/t.co\/tpnOsyGErZ<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Hk4RIfGIiM\">pic.twitter.com\/Hk4RIfGIiM<\/a><\/p>\n<p>\u2014 \u0394 (@52kskew) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/52kskew\/status\/1462626987889942529?ref_src=twsrc%5Etfw\">November 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\">Open interest<\/a> on Bitcoin futures, meanwhile, has yet to beat all-time highs set before the dip on Nov. 10.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_is_the_star_of_the_show\"><\/span>Dollar is the star of the show<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On macro markets, nervousness over Coronavirus measures \u2014 and the protests in response to them \u2014 continue to present a mixed bag.<\/p>\n<p>With inflation already firmly on the radar, talk is now turning to the U.S. Federal Reserve increasing the pace of its asset purchase tapering next month.<\/p>\n<p>&#8220;If that idea gets out there and is repeatedly underscored, that will increase the probability that the tapering that\u2019s announced in December will be quicker than the pace that was announced early in November,&#8221;\u00a0Jason Schenker, president and chief economist at forecaster Prestige Economics, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/audio\/2021-11-21\/jason-schenker-on-eco-news-radio\">told<\/a> Bloomberg.<\/p>\n<p>Stealing the limelight this week, however, is the U.S. dollar.<\/p>\n<p>The greenback has beaten longstanding resistance this month to reach its strongest since July 2020, according to the U.S. dollar currency index (DXY).<\/p>\n<p>Typically, pronounced DXY gains have the opposite effect on Bitcoin, which struggles during such periods. November has been no exception, as DXY swaps grind for surge and has held a reading of 96.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/e3215c54-0a10-4c61-985e-a0df0fbafe12.png\"><figcaption style=\"text-align: center;\"><em>DXY 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>&#8220;The problem? Sentiment getting very extreme in fx land,&#8221; analyst Helene Meisler <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hmeisler\/status\/1462025293158305792\">warned<\/a> at the weekend.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hmeisler\/status\/1462025293158305792\/photo\/1\"><\/a><\/p>\n<p>A turnaround for the unusually volatile DXY would conversely provide a test of inverse correlation to BTC.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sentiment_says_%E2%80%9Cwait_and_see%E2%80%9D\"><\/span>Sentiment says &#8220;wait and see&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the topic of market mood, within crypto, investors are on the fence.<\/p>\n<p><strong><em>Related:\u00a0Top 5 cryptocurrencies to watch this week: BTC, AVAX, MATIC, EGLD, MANA<\/em><\/strong><\/p>\n<p>The latest reading from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a> show that despite short-term price behavior, the market is in fact entirely neutral.<\/p>\n<p>At 50\/100, Fear &amp; Greed is exactly in the middle of its possible range of values, highlighting a lack of &#8220;extreme&#8221; sentiment.<\/p>\n<p>This may act in Bitcoin&#8217;s favor, last week&#8217;s shakeout having driven sentiment back into &#8220;fear&#8221; territory from which it has now recovered.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/e6b1662e-a185-4f70-9893-b64198d389f3.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>Contrast that with the traditional markets&#8217; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/money.cnn.com\/data\/fear-and-greed\/\">Fear &amp; Greed Index<\/a> and the dichotomy is clear: &#8220;extreme greed&#8221; characterized the latter at the previous close, and now, &#8220;greed&#8221; still remains.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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After a promising weekend, BTC\/USD ultimately saw rejection at $60,000 twice, and has since headed below $57,000 as market momentum&#8230;<\/p>\n","protected":false},"author":1,"featured_media":370604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvYjhjNTBjN2MtMjIzMC00NTNkLWI3OTItOGE1ODBmZGIwYmY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,70359],"class_list":["post-370603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370603"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370604"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}