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Bitcoin Scary Pattern

Bitcoin closed Bearish at 58k+

Bitcoin closed bearish week however it peaked up to 5% at closing moments and tried to turn the weekly candle green.

The Bitcoin price today is $57,093.86 USD with a 24-hour trading volume of $31,996,591,710 USD. Bitcoin is up 5.19% in the last 24 hours, with a market cap of $1,078,293,826,938 USD. It has a circulating supply of 18,886,337 BTC coins.

Bitcoin closed Bearish at 58k+
Source: TradingView

Bitcoin closed Bearish: Analysis

On November 15, 2021, when Bitcoin was ranging at above $65,000, we predicted a correction to the $53,000 area, and the price was hit precisely yesterday. Later on, on 26 November 26, 2021, when Bitcoin was nearing $54,000, we signaled that the downtrend is exhausting as Bitcoin has entered an oversold situation and today it gained more than 5% and tested the $58000 mark. Again, the 1-hour chart exhibits an oversold correction and we don’t mind if Bitcoin falls again to $56,000 – that’s normal and healthier to collect more and fresh buyers. We have local resistances here at fib 1.272 near $59,900 and fib 1.618 near the $61,100 mark. If Bitcoin keeps ranging in the same area, it might turn into a flag pattern. The bulls will love it!

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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