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Bitcoin Price Prediction – A Break Through to $59,500 Needed to Bring $60,000 back into Play

By:
Bob Mason
Published: Dec 1, 2021, 10:30 UTC

Bitcoin bulls struggle at $58,000. A breakout from $58,500 would bring $60,000 levels back into play, however.

Bitcoin coin on white keyboard

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was up by 0.20% to $57,078.

A mixed start to the day saw Bitcoin rise to an early morning high $57,879 before sliding to a late morning low $56,712.

Bitcoin fell short of the first major resistance level at $58,794 while also steering clear of the first major support level at $55,519 through the morning.

The pullback did see Bitcoin fall back through the day’s $57,346 pivot, however.

ETHUSD 011221 Hourly Chart

For the Afternoon Ahead

Bitcoin would need to move back through the $57,346 pivot to bring the first major resistance level at $58,794 into play.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $63,000 before any pullback. The second major resistance level sits at $60,621.

Failure to move back through the $57,346 pivot would bring the first major support level at $55,519 back into play.

Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,071.

Looking beyond the major support and resistance levels, we saw the 50 EMA flatten on the 200 EMA. The 100 EMA narrowed marginally on the 200, however, providing modest support.

A narrowing of the 100 on the 200 and bullish cross would support a return to $60,000 levels.

For the bulls, a breakout from $58,500 would be key, however, to avoid another sell-off, however.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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