Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As the new week begins, Bitcoin (BTC) is back around $57,000, thanks to a late rally that resulted in a significantly stronger weekly closing than many predicted.

Bitcoin crossed $58,000 overnight before stabilizing higher, still up roughly 5.7 percent on the day, making up for last week’s Coronavirus-induced sell-off and price drop.

The future might be full of surprises – coronavirus anxieties are still present, as macro markets suggest before the open, and sellers still have the chance of exploiting leveraged optimists on the back of recent gains.

With everything on the line and the monthly close coming up in less than 48 hours, Cointelegraph looks at the stats to see what may affect Bitcoin’s price this week.

Bitcoin bounces back in record time

BTC price movement has already recovered from the brink three days after losing $6,000 in a single daily candle.

BTC/USD rebounded to a weekly close of $57,300 on Bitstamp in a typical weekend finish, avoiding its lowest such as weekly end price in two months.

The gains have subsequently held, with $57,000 remaining the target as of Monday’s writing.

The 21-week exponential moving average (EMA) around $52,500 had offered support as a “time-tested bull market indication,” according to a new study by a popular trader and analyst.

The report stated, “Strong BTC response from the 21-week EMA area.”

Despite reaching local highs of $58,300, Bitcoin has failed to provide a conclusive breakout, with significant resistance above $60,000 remaining unbroken.

All prior attempts to break through that selling zone since it lost its support status have been met with a resounding rejection.

The increase surprised some, according to statistics, with liquidations exceeding $300 million in the last 24 hours.

In the meantime, funding rates, which were neutral on Sunday, are rising, signalling a resurgence of optimism in a dependable BTC price comeback — and the risk that entails.

“All it needed was a +7% Daily candle to put an end to all anxieties and worries over a fresh BTC Bear Market,” Rekt Capital continued.

When it comes to the monthly closure, which is scheduled at the end of Tuesday, he said BTC/USD is “progressing pleasantly.”

Corona Virus & a March 2020 Replay

The new Coronavirus variety, omicron, continues to wreak havoc on mood, so macro markets are bracing for a wild start to the week.

Priya Misra, global head of rates strategy at TD Securities, told Bloomberg Monday that “we really need some more answers to figure out the impact on GDP.”

“Uncertainty is included in risk assets.”

When it comes to the monthly closure scheduled at the end of Tuesday, BTC/USD is “progressing nicely,” he stated.

Last week was marked by extreme volatility across the board, with Bitcoin and altcoins following equities, oil, and other commodities in a sell-off frenzy.

On Monday’s open, Asian markets are expected to continue the downward trend, with 1-2 percent dips expected at the time of writing.

With Bitcoin on the upswing, any more shocks to macro structures might derail the current euphoria.

Bulls are aiming for a repeat of March 2020, when a cross-crypto rout known as Coronavirus first appeared on the global scene and drove a price spike that surpassed prior highs.

Nonetheless, Bitcoin did not escape unharmed last week, with several well-known figures lining up to mock what they argue is by no means a risk-free investment.

“Being less hazardous doesn’t make Bitcoin safe,” said gold trader Peter Schiff on Friday, predicting that Bitcoin will eventually become “as risky as any altcoin.”

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$50,000 reverberates a floor of $30,000


Those worried about a possible correction from present levels don’t have to go far down the BTC price chart.

According to the most recent order book data from analytics provider Material Scientist, a massive purchase wall has formed, keeping the market over $50,000.

The stakes may be high, as some indicated over the weekend that failing to maintain that level would prompt them to reconsider their position on Bitcoin, but given the sheer quantity of support, this now appears less likely.

On Twitter on Sunday, Material Scientist summarised, “I’m not sure why you’re all so afraid.”

“This is the highest bid since the bottom of the 30k range.”

If $50,000 is the new $30,000, The present retracement from all-time highs would be considered minor in comparison to others, such as the roughly 50% drop in May.

Meanwhile, Material Scientist saw something peculiar – the same person that provided assistance also set the resistance at $70,000.

“Essentially, one actor controls the whole market,” it stated.

“They knew how this whole thing was going to play out a month in advance.”
$70,000 is thus the pivotal point of aim for bulls hoping to see the bull run continue by the end of Q4 2021.

Three Bitcoin price correlations are approaching their D-Day

Bitcoin’s performance over the next three weeks will be “extremely revealing,” as it makes or breaks certain key linkages.

That was the conclusion reached over the weekend by popular Twitter analyst TechDev, as Bitcoin continued to follow in the footsteps of gold since the 1970s.

Despite certain volatility anomalies in Bitcoin price behavior, the strange, even spooky, similarities between BTC/USD in 2020-21 and XAU/USD fifty years ago have persisted.

If the current trend continues, Bitcoin might see a massive price increase, reaching as high as $280,000. The deadline is in the middle of February 2022.

“The gold fractal from the 1970s is now properly aligned and attached to both the local high and low,” said an update on the situation.

“Only December/January is affected, with the model extending to the first half of February.”

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Where will Bitcoin’s “Moonvember” come to an end?

This was once the million-dollar question on everyone’s lips, but now there’s a growing realization that this bull market may take longer to develop than expected.

Despite this, there is reason to be optimistic in the immediate run.

The majority of over 50,000 respondents in a Twitter poll sponsored by the @Bitcoin account that concluded Monday anticipated that BTC/USD will end November above $60,000.

On the survey, 35 percent chose the highest conceivable price, while another 25.7 percent predicted a November closing price between $55,000 and $60,000.

It’s easy to overlook how far Bitcoin has come in the last twelve months if you don’t zoom out. BTC/USD traded at little under $16,500 last Thanksgiving, according to Cointelegraph, which coincidentally also experienced a brief sell-off.