BTC/USD Rallies Repel at $59k High as Bears Resume Selling- November 30, 2021
Today, BTC/USD is declining after retesting the $59,000 resistance zone as bears resume selling. In the previous price action, the BTC price broke the $58,000 resistance but was repelled at the $59,000 resistance zone. Bitcoin was rejected at the overbought region of the market. The selling pressure will extend to the low of $57,000 support. The upward move will resume if the $57,000 holds.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
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Following the bullish impulse above the $54,000 support, Bitcoin’s (BTC) price rallied to the high of $59,000 resistance zone. The first uptrend was stalled at the $58,000 resistance. BTC price pulled back and retested the recent high to break above it. The bulls overcome the $58,000 resistance but could not sustain the bullish momentum above the recent high. Consequently, the market is retracing as a result of the overbought condition of the cryptocurrency. On November 25 uptrend; Bitcoin was also resisted at the $59,000 resistance zone. The cryptocurrency declined to the $53,755 low as bulls bought the dips. The retracement has subsided as Bitcoin fluctuates above the $57,000 support for possible upward.