As Bitcoin and other top cryptocurrencies has started to recover as Bitcoin went from hitting a new all time high at around $69,000 just 2 weeks ago to hitting as low as $53,270 on Binance with ethereum price hitting approximately $4850 (all time high) to around $3916 on Binance.
While PlanB november $98,000 prediction got missed by approximately $40,000. However, there was alot of expectations regarding bitcoin going to $82,000 to $98,000 which does not means Bitcoin Looks Bearish on the charts.
Actually, as per our analysis including technical analysis and fundamentals, To reach $64,000 again, Bitcoin price needs to break above $58,500 resistance as shown in below chart
As you can see in the chart above, Bitcoin price is getting rejected by $58,500 resistance (so far) for the 3rd time now. This resistance is mainly by 100-Day Moving average which is one of the critical factors for long term perspective.
The current bitcoin Resistances are $58,500 , $61,000 with current major support levels are at $53,500 – $53,000 , $51,000 – $50,000.
Bitcoin Fear and greed index is currently at 40 level which usually indicates bitcoin price should bounce back from here to around $64,000 level.
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