Bitcoin price has recovered to levels above $57,000

Bitcoin has recovered to levels above $57,000

On Monday, November 29, the bitcoin price is rising. As of morning, the first cryptocurrency is trading at $57,418.46 (+5.63%), according to CoinMarketCap. Recall that bitcoin fell sharply below $55,000 on Friday amid reports of a new strain of the COVID-19 virus. Bitcoin spent the weekend in the red zone, but by Monday began to recover. TradingView’s BTC/USD chart of the Bitstamp exchange Ether rose to $4333.89 (+6.31%). Binance Coin rose 3.94% to $611.52. 

BTC Fear and Greed Index remains in fear territory

FxPro’s analyst team notes: “The cryptocurrency market rumbled loudly on Friday, but generally did not surrender key support levels from which purchases resumed over the weekend and early Monday. BTC/USD has added 5.6% in the past 24 hours to $57,400, almost at the same levels as seven days ago. The cryptocurrency Fear and Greed Index remains in fear territory, at 33, up from 27. However, this is nothing more than a tail of Friday’s sell-off, and sentiment has improved significantly in the moment. 

Bitcoin price remains below its 50-day average

On Friday, bitcoin plummeted into the $54,000 area, pulling back to the 61.8% level of the July-November rally. Such a pullback, if it’s really over, can clear the way for growth to new highs, as the bulls got an opportunity to fix profits and re-enter “lower”. On the other hand, BTC/USD remains below its 50-day average, which has acted as a resistance for the last ten days. It is now passing through levels near the round level of $60,000, which increases the significance of the level. In case of a sharp break-through of this level, the bitcoin might fly to new heights. If this breakthrough fails, it will be possible to say that the bull trend of the crypto market is broken, because there are too many sellers.

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Arsen Islamov
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