InstaForex

November 23, 2021

Failing to Pass the Resistance Level, Can BTC Continue the ‘Bull Run’?

 On Sunday yesterday, BTC’s crypto assets had started to record losses until this morning causing BTC to trade at the $ 57,000 level. However, the losses recorded on Sunday were eliminated with the resistance level still remaining at $ 60,000.


Bitcoin so far remains volatile with BTC soaring $ 2,900 in the 15 minutes before the opening of Wall Street. Based on CoinMarketCap, the BTC price is trading at the $ 58.150 trading level at the time of writing. Prior to that, BTC was able to rise from today’s lowest level of $ 56,640.


BTC has shown a strong push after breaking the $ 60,000 level for a while. With this level acts as a resistance and a critical level to be broken to continue the ‘bull run’.


Analysts from Rekt Capital argue that for BTC to continue its momentum then the most effective way is for BTC to extend the consolidation phase or a large price correction.



Would be beautiful to have #Bitcoin consolidating/going sideways for coming weeks.


Next big run in Q1 2022 together with a massive #Altseason.


- Michaël van de Poppe (@CryptoMichNL) November 22, 2021


Some argue that this is healthy for Bitcoin to pursue a larger price spike. , Michaël van de Poppe noted that, ‘at this point in the recent price movement, the price of Bitcoin has shown a decline at the $ 60,000 resistance level. The rejection of this level will push the BTC price back to the support level again ”.


The top ten crypto assets by total market value were mostly unchanged for the second day of the week, with only Solana (SOL) posting a significant gain of just over 5%.


On a different side, the U.S. President. Joe Biden has selected Jerome Powell to serve another term as Chairman of the Federal Reserve pushing for an increase in bond yields.