Bitcoin avoids recent lows as BTC price eyes $60K into the weekly close

Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief after multi-week lows.

Bitcoin (BTC) hovered near $59,000 as Nov. 21 came to a close after avoiding a retest of its recent lows.

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

BTC challenges $60,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD almost hitting $60,000 before consolidating in a new higher range after sudden gains Saturday evening.

The pair had hit lows of $55,650 during the week, these marking its lowest point in over a month, but further retests failed to materialize as sentiment improved.

Adopting a calmer perspective into the weekly close, analysts thus looked to the long term to understand the overall health of the market.

„Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Still over +50% above the 200 EMA, despite the recent retrace from ATHs,“ Rekt Capital summarized on the day.

„Long-term investor sentiment is still bullish towards Bitcoin.“ 

BTC/USD 1-day candle chart (Bitstamp) with 200-day moving average (EMA). Source: Rekt Capital/ Twitter

On-chain metrics supported the reasoned view, with the Crypto Fear & Greed Index in neutral territory at just below $60,000.

Network fundamentals were similarly unfazed by the week’s events with the hash rate staying near all-time highs and difficulty still on track to rise modestly at the next readjustment due Nov. 27.

Fellow trader Pentoshi meanwhile identified the area between $59,000 and $61,000 as the point at which it would be prudent to reenter with spot longs should that area be successfully reclaimed.

„Overall, super cycle and lengthening cycle for Bitcoin is still the case,“ Cointelegraph contributor Michaël van de Poppe added.

Ethereum, Avalanche lead a slow altcoin market

On the topic of altcoins, Ether (ETH) constituted one of the most solid performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat action. 

Related: 3 reasons why Bitcoin’s drop to $56.5K may have been the local bottom

ETH/USD traded up 2.3% at the time of writing, while outlier Avalance (AVAX) delivered 12% returns over 24 hours and entering the top-10 for the first time to push out Dogecoin (DOGE).

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Despite Saturday’s abrupt upturn, BTC/USD was still around 1.8% higher.