BTC/USD Loses Crucial Support at $64k as Bears Breach $63k Support – November 12, 2021
Bitcoin (BTC) is falling after its recent rally to $68,444 high as bears breach $63K support. Buyers could not sustain the bullish momentum above the $68,000 high as a result of stiff resistance. The bulls struggled at the recent high for two days before they were overwhelmed by the bears. Today, BTC/USD has fallen from the high of $68,444 to the low of $63,747. There is a likelihood of further downward move.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, the market has been declining as it approaches November 10 previous low of $63,000. The downtrend may resume if the previous low is breached. Already, the bears have broken the crucial support at $64,000 which may cause Bitcoin to decline to $61,000 support. Since November 10, the bulls have defended BTC prices above the crucial support. If the bulls buy the dips, Bitcoin will be back above the current support and a rebound will signal the resumption of upside momentum. The cryptocurrency is approaching the 21-day line moving average. The uptrend may resume above the 21-day line moving average.
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Meanwhile, Bitcoin is in a downward move after the crucial support is broken as bears breach $63K support. BTC’s price is attempting to resume upward above the $63,000 support. Meanwhile, on November 10 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but will reverse at level 1.272 Fibonacci extension or $61,437.30.
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