On Nov. 22, Bitcoin (BTC) held true to form, with a rapid jump one hour before the Wall Street opening bell
Bitcoin, which is shaky, is hovering around $60,000
BTC/USD surged about $3,000 in minutes after hitting multi-day lows of $56,640 on Nov. 22, according to data from Cointelegraph Markets Pro and TradingView
#Bitcoin just pumped $2500 in like 5 minutes— Benjamin Cowen (@intocryptoverse) November 22, 2021
After temporarily breaking the $60,000 barrier, the pair experienced significant rejection, which is now clearly acting as resistance and a vital level to break in order to continue the bull run.
As reported by Cointelegraph, sentiments continue to favor a return to full-fledged increases for Bitcoin, despite the looming threat of missing the anticipated “worst-case scenario” monthly closure by a significant margin.
“Extended consolidation… or deep corrections are the two most effective ways for BTC to extend the amount of time it spends in a Bull Run,” Rekt Capital stated on the day.
Meanwhile, Cointelegraph blogger Michaal van de Poppe claimed that continuing Bitcoin’s consolidation throughout the remainder of 2021 would be beneficial.
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
“Right now, Bitcoin’s price has demonstrated a rejection of the exact same level as the red zone couldn’t break upwards in recent price moves. This red zone represents the $60,000 barrier to breaking through “As part of his most recent newsletter, he included a chart.
“Right now, Bitcoin’s price action is rejecting heavily from that region, resulting in a breakdown of the price towards the support levels, once again. In that way, as long as Bitcoin stays beneath $60,000, there’s no reason to become bullish.”
At the time of writing, Bitcoin circled $59,000 with volatile behavior persisting after the run-up.
