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BTC/USD Is Unable To Sustain Above $60k as Bitcoin Faces Strong Rejection- November 26, 2021
On November 25, BTC/USD rallied to $60,000 resistance zone as Bitcoin faces strong rejection. BTC price rallied to the high of $59,200 as price reached the overbought region. Presently, the BTC price is retracing from the recent high. Bitcoin is retracing because the market reached an overbought region. The cryptocurrency is likely to resume upward if price finds support above the moving averages.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Yesterday, Bitcoin rallied close to the $60,000 psychological price level but was repelled. BTC price traded and reached the high of $59,200. Similarly, on November 20 and 21, buyers pushed BTC price to the $60,000 resistance but the market dropped sharply to $56,650 low. Today, BTC price is retracing on the downside. If price retraces above the $58,000 support and rebounds, the $60,000 resistance will be breached. Bitcoin will be out of downward correction. BTC price will fall to the range-bound zone if the bulls fail to defend the $58,000 support. In previous price action, Bitcoin has been range-bound between $56,000 and $58,400 price levels.
Bitcoin (BTC) Indicator Reading
Bitcoin has fallen to level 44 of the Relative Strength Index for period 14. The king coin is trading in the downtrend zone and capable of falling on the downside. It is also below the centerline 50. BTC price is above the 80% area of the daily Stochastic. The stochastic bands are sloping downward indicating that Bitcoin is retracing on the downside. The cryptocurrency price bars are below the 21-day line and the 50-day line moving averages indicating that Bitcoin is in a downward move.
Meanwhile, the BTC price is retracing after its rejection from the high of $59,200 as Bitcoin faces strong rejection. There is a likelihood of Bitcoin falling to the range-bound zone. Buyers are facing strong rejection at the $60,000 resistance zone. On the upside, buyers have to break above the moving averages and clear the $60,000 resistance level to resume up trending.
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