Where will BTC end in November 2021?5 things to watch for Bitcoin this week

Bitcoin (Bitcoin) It returned to $57,000 after the start of the new week, because the subsequent surge produced a much better weekly closing price than many people expected.

To make up for the sell-off caused by the coronavirus last week and the related price drop, Bitcoin broke through $58,000 overnight, then consolidated higher, still rising by about 5.7% that day.

There may be many surprises in the outlook-Coronavirus tensions are still there, because the macro market hinted before the opening that sellers can still choose to use leveraged optimists in the context of the recent rise.

Since everything is going on, and the monthly closing price will expire within 48 hours, Cointelegraph will look at these numbers to understand the factors that may affect Bitcoin’s price performance this week.

Bitcoin rebounds in record time

Only three days after the single-day candle lost $6,000, the price trend of BTC has returned from the edge.

At the end of the weekend’s classic, BTC/USD rose on Bitstamp with a weekly closing price of $57,300-therefore avoid The lowest weekly ending price in two months.

Earnings have remained the same since then, and at the time of writing this article on Monday, $57,000 was still the focus.

In the new analysis, popular trader and analyst Rekt Capital pointed out that the 21-week exponential moving average (EMA) is $52,500, providing support as a “time-tested bull market indicator.”

“Strong BTC reaction from the 21-week EMA area,” he Summarize.

BTC/USD 1-week candlestick chart (Bitstamp) and 21-week EMA. Source: TradingView

However, despite the local high of US$58,300, Bitcoin has not yet achieved a clear breakthrough because the main resistance of US$60,000 has not yet been touched.

Since the loss of support, all previous attempts to crack the sales area have ended in failure Resolutely refuse.

The data shows that this rise still surprises some people Liquidation Nearly 300 million US dollars in the past 24 hours.

Funding rateSunday was neutral and also climbing, indicating the return of optimism about the reliable BTC price rebound and the risks implied.

“Only one +7% daily candle is needed to eliminate all fears and worries about the new BTC bear market,” Rekt Capital Add to.

BTC/USD, he Said, “Going well” at the close of the month ending on Tuesday.

Coronavirus and replay in March 2020

As the new coronavirus variant omicron continues to affect market sentiment, the macro market is expected to start turbulent this week.

Priya Misra, global head of interest rate strategy at TD Securities, said: “We really need more answers to figure out the impact on growth.” Tell Bloomberg Monday.

“Risk assets are priced in uncertainty.”

Last week was characterized by large volatility across the board, as Bitcoin and altcoins followed stocks, oil and other currencies in a flash sell-off.

The Asian market looks set to continue this trend when the market opens on Monday and is expected to fall by 1-2% at the time of writing.

As Bitcoin rises, any further turbulence in the macro structure may prevent the newly discovered optimism.

The bulls hope this situation will unfold in a similar fashion to March 2020, when the collapse of the cross-cryptocurrency subsequently triggered a surge in excess of previous price highs as the coronavirus entered the world stage.

Despite this, Bitcoin did not go unscathed last week, as some familiar faces lined up and sneered at their claims that they were never an escape from risk.

“Reducing risk does not make Bitcoin safe,” Peter Schiff debate On Friday, it is predicted that Bitcoin will eventually be “risky like any altcoin.”

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

50,000 USD corresponds to the base price of 30,000 USD

Those who are worried about a retracement from current levels may not need to look too far on the BTC price chart.

According to the latest order data from the analytics resource Material Scientist, a huge buying wall is now in place, which should keep the market above $50,000.

The stakes may be high, and as some people said this weekend, failure to maintain that level will cause them to reconsider their attitude towards Bitcoin, but given the scale of support, this seems unlikely now.

“I don’t know why you are all so scared,” the materials scientist Summarize On Twitter on Sunday.

“This is the largest bid since the bottom of $30,000.”

BTC/USD order book heat map.Source: Materials Scientist/Twitter

If $50,000 is therefore the new $30,000, then the current retracement level will be classified as moderate compared to other historical highs—especially the May fall Nearly 50%.

At the same time, Material Scientist noticed something unusual-the same entity responsible for support also set the resistance level at $70,000.

“In essence, one actor controls the entire market,” it explained.

“They knew how the whole thing would develop one month in advance.”

Therefore, $70,000 is a groundbreaking focus for bulls who are eager to see the bull market continue before the end of the fourth quarter of 2021.

The D-day of three Bitcoin price correlations is coming

The next few weeks will be “very convincing” for Bitcoin because it will create or break some important correlations.

This is the conclusion reached by popular Twitter analyst TechDev over the weekend as Bitcoin continues to rise copy Gold’s journey began in the 1970s.

Curious people, even weird, Although there have been some abnormal fluctuations in the price of Bitcoin, the similarities between BTC/USD in 2020-21 and XAU/USD 50 years ago still exist.

If this trend continues, Bitcoin will face a dramatic rise in price tops of up to $280,000. Deadline: mid-February 2022.

“The golden fractals of the 1970s are now precisely aligned and anchored at local highs and lows,” commented in the event update.

“Only December/January is affected, and the model is extended to February 1 and a half.”

BTC/USD and 1970s gold chart.Source: TechDev/Twitter

The accompanying breakdown of each prediction phase of Bitcoin metamorphosis since September indicates that this month has exceeded the predicted trajectory. The price of BTC/USD in December should be between US$70,000 and US$110,000.

In addition to gold, the Fibonacci sequence determines The other two correlations A critical moment will be faced in the next few weeks.

These all involve Bitcoin’s relationship with it 2017 performance, So far, both are valid. If one party beats the other, the speed and height of the price increase will change accordingly.

It may reach a peak of around US$150,000 in mid-December, or US$225,000 may appear in mid-February.

TechDev wrote: “From mid-December to the end of January, it is still my basic situation to reach a maximum of about 230K.”

“Obviously, the earlier side of the window looks unlikely. If it’s right, I don’t care. I have seen convincing work proposals peaking from mid-December to mid-March, with targets ranging from 120K to mid-March. 260K.”

In response to praise from Raoul Pal, founder of Global Macro Investor, he added that the coming weeks will be “very convincing” for all three correlations.

Where will Bitcoin end “Moonvember”?

This used to be a multi-million dollar issue that everyone was talking about-but now people are gradually accepting that this bull market may take longer than planned to mature.

related: The 5 most noteworthy cryptocurrencies this week: BTC, BNB, LUNA, MANA, SAND

Nevertheless, the short-term optimism still exists.

In a survey conducted on Twitter @Bitcoin In the accounts that closed on Monday, most of the nearly 50,000 respondents predicted that BTC/USD will close at more than $60,000 in November.

35% of people chose the highest possible price in the survey, and another 25.7% predicted that the November closing price would be between US$55,000 and US$60,000.

@Bitcoin Twitter survey results.Source: Bitcoin/Twitter

If it does not shrink, it is easy to forget how far Bitcoin has gone in the past twelve months. As Cointelegraph famous, Thanksgiving last year—it was also convenient to see a short sell-off—BTC/USD was trading at just under $16,500.

Benjamin Cowan Summarize This weekend, “I saw the trees but not the forest.”