BTC/USD Holds Above $56k Support as Bitcoin Battles $59k High- November 30, 2021
Since November 28, Bitcoin has traded in a tight range as Bitcoin battles $59k high. The cryptocurrency has been fluctuating between $56,000 and $58,000 price levels. If the bulls break above the $58,000 resistance, BTC/USD price will attempt to retest the $60,000 psychological price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Since November 29, Bitcoin bulls have been struggling to break above the $58,000 resistance. The $58,000 resistance level is an overbought region of the market. Buyers have made five attempts to keep BTC prices above the overhead resistance. Today, buyers have pushed BTC’s price to the high of $59,055 but faced rejection at the recent high. In previous price action, Bitcoin would retrace to the support above $57,000 or the low of $56,200. Nevertheless, in a strong trending market, the overbought condition may not hold. Bitcoin will break the $58,000 resistance convincingly. Buyers will attempt to revisit the previous high of $60,000 and $64,000 price levels.
India Misconstrues Private Crypto Ban, Says Crypto Bill Creator
Former finance secretary of India Subhash Garg has clarified that “it is false to say that private cryptocurrencies will be banned.” The creator of India’s crypto bill indicated that: “The description of the crypto bill was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.” Subhash Garg has highlighted the enormous potential of cryptocurrencies and blockchain technology. He thinks that the Indian government should put together a bill after discussing it with stakeholders and crypto investors.
Meanwhile, Bitcoin is falling after facing rejection from the $59,000 resistance zone as Bitcoin battles $59k high. The retracement may extend to the lows of $57,000 or $56,200. Presently, BTC price is in a range bound move between $56,000 and $58,000 price levels. Bitcoin has been facing rejection at the $59,000 resistance zone. The king coin will resume up trending when the resistance zone is breached.
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