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After A Bullish October, Bitcoin Price May Close the Monthy Trade On a Bearish Note, what’s Next?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Nov 30, 2021

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Highlights

    Bitcoin price since the past couple of days is gathering extreme bullish momentum in order to close the monthly trade with a bullish note

    With a strong rebound from the bearish divergence, the BTC price could prevent further loss but the consolidation may not be over yet

The end of 2021 is approaching & the last month is on the horizon, many assets initiated a notable uptrend. And as a result Bitcoin(BTC) price also began to discard the sideways trend and barged through the consolidation. The asset ranged as high as $58865 before getting exhausted and experiencing a pullback around the current region. Despite the notable uptrend, yet the consolidation may be still around the corner as the monthly close may decide the next leg of the asset. 

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The most dominant crypto witnessed a notable rebound and a substantial uptrend right after the weekly candle close. The asset had a bearish close on the daily and the weekly timeframes, which may impact the monthly close in a negative way. The BTC price needs to close above $60,000 in order to register a bullish monthly candle. 

It appears that the bearish divergence is still hovering around the BTC price. And hence despite multiple attempts to break the downtrend, yet the rejections pull back the price to their initial levels. Bitcoin had barged through $58,000 levels and was about to pierce through the critical resistance zone. However, a notable pullback dragged the price below. 

Interestingly, the 200-day MA levels are cementing close to $60K, and hence attaining these levels are pretty important for the asset to resume with the uptrend. The RSI & MACD are pretty bearish in the short term and hence BTC price may revisit the local support before pulling the next leg up above $60K. If in case Bitcoin needs to flip the monthly candle into bullish, then a daily close above $61,500 is mandatory. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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