BTC/USD in a Deeper Downward Correction as Bitcoin Risks $50k Low – November 27, 2021
Bitcoin (BTC/USD) price has resumed further selling pressure as Bitcoin risks $50k Low. On November 26, the bears broke below the previous low of $56,555 to reach the low of $53,555. Before the recent breakdown, buyers have been holding the previous low since November 18.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the recent breakdown, sellers have broken the price range of between $55,700 and $58,000. Buyers defended the $55,700 support before the recent breakdown. Today, BTC price is correcting upward to revisit the previous highs. If buyers pushed Bitcoin above the $55,700 high , the crypto will return to the previous range bound zone.This will propel BTC price to rise and retest the $58,000 high. Conversely, if the current upward correction faces rejection at $55,700 high, the selling pressure will resume. Bitcoin will decline to the $50,000 psychological price level.
El Salvador celebrates Black Friday, Buys 100 for 20% off El Salvador has purchased 100 Bitcoin following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. The addition of the 100 coins has increased El Salvador hold to 1,220 BTC. The total holding is worth roughly $66.3 million following the crypto asset’s drop to the $54,000s. In retrospect, Bitcoin reached an all-time price of $69,000 on Nov. 10. Today, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.
Meanwhile, on November 26 , Bitcoin plunged to the oversold region as Bitcoin risks $50k Low. On November 19 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $52,128.90.
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