{"id":14235,"date":"2021-11-29T08:00:57","date_gmt":"2021-11-29T07:00:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14235"},"modified":"2021-11-29T08:01:07","modified_gmt":"2021-11-29T07:01:07","slug":"where-will-btc-end-moonvember-5-things-for-in-btc-this-week","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/where-will-btc-end-moonvember-5-things-for-in-btc-this-week\/","title":{"rendered":"“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week"},"content":{"rendered":"\n
Bitcoin (BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>) is back at $57,000 as a new week begins after a much stronger weekly close than many predicted. Coronavirus uncertainty continues and data reveals key insights into Bitcoin support and resistance levels<\/h5>\n\n\n\n
\"Where
Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

Bitcoin surpassed $58k overnight<\/h2>\n\n\n\n

After a late spike, Bitcoin (BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>) is back at $57,000 as a new week begins after a much stronger weekly close than many predicted.<\/p>\n\n\n\n

The price of Bitcoin surpassed $58,000 overnight, making up for last week's Coronavirus-caused sell-off and accompanying price fall.<\/p>\n\n\n\n

Even before the open, macro markets are indicating that there may be some Coronavirus nervousness left, and sellers can take advantage of leveraged optimists on the basis of recent gains.<\/p>\n\n\n\n

To get a sense of what could happen this week, Cointelegraph crunches the figures to discover what might be driving Bitcoin's<\/a> price.<\/p>\n\n\n\n

Record-breaking time for Bitcoin's recovery<\/h2>\n\n\n\n

Three days after losing $6,000 in a single daily candle, Bitcoin price action has already returned to its pre-disaster levels.<\/p>\n\n\n\n

As expected<\/use><\/svg><\/span><\/a>, BTC\/USD ended the weekend at $57,300 on Bitstamp, the highest weekly closing price in two months.<\/p>\n\n\n\n

Gains of $57,000 are still on target as of this writing on Monday.<\/p>\n\n\n\n

“Time-tested bull market indicator”: Rekt Capital's analysis found that the 21-week exponential moving average (EMA) at $52,500 provided support.<\/p>\n\n\n\n

As he<\/use><\/svg><\/span><\/a> put it, “Strong BTC reaction from the 21-week EMA.”<\/p>\n\n\n\n

As of this writing, Bitcoin has yet to break beyond the $60,000 barrier, despite recent highs of $58,300.<\/p>\n\n\n\n

Prior attempts to break out of that selling zone since losing it as support have been met with solid resistance.<\/use><\/svg><\/span><\/a><\/p>\n\n\n\n
\""Where

“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

BTC 4hr (linear):

Parallel cannel\u00a0pic.twitter.com\/pqrEfHQoHr<\/use><\/svg><\/span><\/a>\u2014 Nunya Bizniz (@Pladizow)\u00a0November 29, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

But data suggests that an increase in liquidations<\/use><\/svg><\/span><\/a> of more than $300 million in the last 24 hours surprised some.<\/p>\n\n\n\n

The rise in funding rates<\/use><\/svg><\/span><\/a>, which were neutral on Sunday, is also an indication of renewed optimism about a sustained BTC price rebound\u2014and the associated risk.<\/p>\n\n\n\n

According to Rekt Capital's analysis<\/use><\/svg><\/span><\/a>, “All it took was a +7 percent Daily candle to melt all fears and anxiety of a fresh BTC Bear Market.”<\/p>\n\n\n\n

He claimed<\/use><\/svg><\/span><\/a> that BTC\/USD is “progressing nicely” towards the end of Tuesday's monthly close.<\/p>\n\n\n\n

Coronavirus and a rerun in March of 2020<\/h2>\n\n\n\n

This week's macro markets are expected to begin with a bumpy ride as the omicron version of the Coronavirus<\/a> continues to dig into the public's confidence.<\/p>\n\n\n\n

Priya Misra, global head of rates strategy at TD Securities, told Bloomberg<\/use><\/svg><\/span><\/a> Monday that “we really need some more answers to figure out the impact on GDP.”<\/p>\n\n\n\n

\u201cRisk assets are pricing in uncertainty.\u201d<\/p><\/blockquote>\n\n\n\n

Bitcoin and other cryptocurrencies joined equities, oil, and other commodities in a massive sell-off last week.<\/p>\n\n\n\n

On Monday, Asian markets are expected to open lower, with a 1-2 percent dip expected at the time of this writing.<\/p>\n\n\n\n

The newfound optimism may be scuppered by any fresh jolts to macroeconomic systems as Bitcoin rises.<\/p>\n\n\n\n

For the bulls, a repeat of March 2020, when a cross-crypto rout as Coronavirus entered the global scene, sparking a spike that exceeded prior price highs, is a realistic expectation.<\/p>\n\n\n\n

many seem scared of another march 2020 style bitcoin liquidation event, if you hold your own keys and don't use leverage this is a negligible concern, if it does happen I expect it to be quick and brutal then correct, most trying to trade this will get rekt, stay humble and stack\u2014 ODELL (@ODELL)\u00a0November 28, 2021<\/use><\/svg><\/span><\/a><\/p><\/blockquote>\n\n\n\n

Even so, Bitcoin was not immune to last week's criticism, which came from a number of well-known figures who argued that it was not a risk-free investment.<\/p>\n\n\n\n

According to gold bug Peter Schiff<\/use><\/svg><\/span><\/a>, “Being a little less risky doesn't make Bitcoin secure,” and he predicted that Bitcoin will eventually become “as risky as any altcoin.”<\/p>\n\n\n\n
\""Where

“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

The $50,000 echoes $30,000 as a starting point<\/h2>\n\n\n\n

It is not necessary to scroll too far down the BTC price chart to see if there has been a retracement from the current levels.<\/p>\n\n\n\n

There is a massive purchase wall in place, according to the latest order book data from analytics provider Material Scientist. This should hold the market above $50,000.<\/p>\n\n\n\n

However, despite the fact that the stakes may be high, some have stated that a failure to maintain that level of support would lead them to reassess their approach to Bitcoin, which now appears less likely.<\/p>\n\n\n\n

The Material Scientist tweeted <\/use><\/svg><\/span><\/a>Sunday, “Not sure why you're all so afraid.”<\/p>\n\n\n\n

If $50,000 is thus the new $30,000, the current retracement from all-time highs would be considered modest in comparison to the May dip of nearly 50 percent<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n
\"\"

“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

\u201cThis is largest bid since the 30k bottom.\u201d<\/p><\/blockquote>\n\n\n\n

While this was going on, Material Scientist noticed something strange \u2014 the same entity responsible for support also placed resistance at $70,000. <\/p>\n\n\n\n

“In essence, one actor has the entire market in their hands,” it stated.<\/p>\n\n\n\n

For bulls hoping to see a continuation of the bull run before the end of Q4 2021<\/use><\/svg><\/span><\/a>, $70,000 serves as the primary point of focus.<\/p>\n\n\n\n

For three Bitcoin price correlations, D-Day is near<\/h2>\n\n\n\n

For Bitcoin, the coming days and weeks will be “very telling,” as it has the potential to make or break some important correlations.<\/p>\n\n\n\n

TechDev, a popular Twitter analyst, came to this conclusion over the weekend as Bitcoin continued to follow gold's path<\/use><\/svg><\/span><\/a> from the 1970s.<\/p>\n\n\n\n

Contrary to popular belief<\/use><\/svg><\/span><\/a>, there are startling resemblances between BTC\/USD prices in 2020-21 and XAU\/USD prices fifty years ago.<\/p>\n\n\n\n

If the current trend continues, Bitcoin could reach a price of up to $280,000 if it continues to rise. Mid-February 2022 is the deadline.<\/p>\n\n\n\n

An update on events stated that “the 1970's gold fractal now precisely aligned and anchored to both local high and low.”<\/p>\n\n\n\n

\u201cOnly Dec\/Jan affected with model extending to 1st half Feb.\u201d<\/p><\/blockquote>\n\n\n\n

If you look at a breakdown of the forecasted Bitcoin metamorphosis since September, you can see that this month has deviated from the forecast. The BTC\/USD rate is expected to rise from $70,000 to $110,000 in December.<\/p>\n\n\n\n

\""Where
“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

Beyond gold and its Fibonacci sequences, there are two other correlations<\/use><\/svg><\/span><\/a> that will have their moment of truth in the next few weeks, as well.<\/p>\n\n\n\n

In terms of Bitcoin's 2017 performance<\/use><\/svg><\/span><\/a>, both of these are still valid. The price rises will be affected by the outcome of the competition.<\/p>\n\n\n\n

As early as mid-December, a peak of around $150,000 is possible, or as late as mid-February, $225,000 is possible.<\/p>\n\n\n\n

For now, “Mid-December to the end of January with a 230K top remains my base case,” TechDev wrote.<\/p>\n\n\n\n

\u201cObviously the earlier side of that window looks less likely. I couldn't care less if it's right. I've seen compelling work suggesting a top from mid-Dec to mid-March, with targets from 120K-260K.\u201d<\/p><\/blockquote>\n\n\n\n

According to Raoul Pal, co-founder of Global Macro Investor, “the coming weeks will be very telling” for all three correlations.<\/p>\n\n\n\n

Where will Bitcoin end \u201cMoonvember\u201d?<\/h2>\n\n\n\n

This was once a multi-billion dollar question, but now, people are starting to accept that this bull market may not mature as quickly as they had hoped.<\/p>\n\n\n\n

The short-term outlook remains positive, despite this.<\/p>\n\n\n\n

The majority of nearly 50,000 people who participated in a Twitter poll conducted by the @Bitcoin<\/use><\/svg><\/span><\/a> account predicted that BTC\/USD would end November above $60,000.<\/p>\n\n\n\n

35 percent chose the highest possible price, while another 25.7 percent predicted a November closing price between $55,000 and $6,0000.<\/p>\n\n\n\n

\""Where
“Where will Bitcoin end \u201cMoonvember\u201d? 5 things to look out for in BTC this week<\/figcaption><\/figure>\n\n\n\n

It's easy to forget how far Bitcoin has come in the last year if you don't zoom out. As noted<\/use><\/svg><\/span><\/a> by Cointelegraph, Bitcoin\/USD traded at just under $16,500 last Thanksgiving, which coincidentally also saw a brief sell-off.<\/p>\n\n\n\n

“Don't mistake the forest for the trees,” said <\/use><\/svg><\/span><\/a>quant analyst Benjamin Cowen over the weekend.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC ) is back at $57,000 as a new week begins after a much stronger weekly close than many predicted. Coronavirus uncertainty continues and data reveals key insights into Bitcoin support and resistance levels Bitcoin surpassed $58k overnight After a late spike, Bitcoin (BTC ) is back at $57,000 as a new week begins […]<\/p>\n","protected":false},"author":29,"featured_media":13599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[5371,5569,5570],"class_list":["post-14235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-2","tag-coronavirus-2","tag-market-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/bitcoin-reuters-1048347-1636351643-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14235"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13599"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}