Will Bitcoin Slip Below $60k This Weekend? BTC Price Battling to Sustain Bullish Rally!

On November 6th, cryptocurrencies traded in a mixed bag. The total market capitalization of cryptocurrencies is $2.71 trillion. For quite some time, Bitcoin has been consolidating. However, it is still very much on a bull run, which is due to the present price action. The price of bitcoin has been settling, but the daily and weekly closing have been above $60k, which is good. 

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Bitcoin recently surpassed $67,500 as a new all-time high. The dominant cryptocurrency has been trading above the $60k mark since then. In recent weeks, however, a number of cryptocurrencies, including Ether, Shiba Inu, Solana, and Polkadot, have all reached new all-time highs.

Bitcoin achieved a new all-time high of $66,974 on Oct. 20. The price increase last month coincided with the debut of the much-anticipated first Bitcoin ETF on the New York Stock Exchange

The Flagship currency is seeing significant resistance between $62k and $65k, where the price is repeatedly refused. The price is approaching this level but failing to breakthrough, which is why the BTC surge has come to a halt. 

Following the release of inflation data from the United States, BTC began to lose value and even reached $60,000 in the following days. Despite instantly rebounding and rising to $63,000, the overall situation has worsened in the last 24 hours. Bitcoin is preparing to gain traction and burst through the $64,000 resistance level. BTC might surge to all-time highs of around $66,999 if it opens the floodgates to additional skyrocketing.

Bitcoin Price Analysis

Bitcoin is now trading at $60,589 at the time of writing. To reach the first significant resistance level at $62,755, Bitcoin would have to break through the pivot at $61,727. However, for Bitcoin to break off of the morning high of $62,600, it will need support from the broader market

Failure to break through the pivot at $61,717 would reintroduce the first major support level at $60,388.However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below $59,000.

The post appeared first on Coinpedia

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Bitcoin (BTC) $ 98,840.48 3.21%
Ethereum (ETH) $ 3,359.06 8.47%
Tether (USDT) $ 0.999433 0.22%
Solana (SOL) $ 262.95 11.23%
BNB (BNB) $ 635.54 4.97%
XRP (XRP) $ 1.37 23.69%
Dogecoin (DOGE) $ 0.394644 3.74%
USDC (USDC) $ 0.998629 0.21%
Lido Staked Ether (STETH) $ 3,356.20 8.45%
Cardano (ADA) $ 0.872864 11.25%