Things are looking up for Bitcoin bulls after the weekend delivers some much-welcomed relief after multi-week lows.
Bitcoin (BTC) hovered near $59,000 as Nov. 21 came to a close after avoiding a retest of its recent lows.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
The pair had hit lows of $55,650 during the week, these marking its lowest point in over a month, but further retests failed to materialize as sentiment improved.
Adopting a calmer perspective into the weekly close, analysts thus looked to the long term to understand the overall health of the market.
"Since breaking its black 200-day EMA, BTC rallied to new All Time Highs. Still over +50% above the 200 EMA, despite the recent retrace from ATHs," Rekt Capital summarized on the day.
"Long-term investor sentiment is still bullish towards Bitcoin."BTC/USD 1-day candle chart (Bitstamp) with 200-day moving average (EMA). Source: Rekt Capital/ Twitter
On-chain metrics supported the reasoned view, with the Crypto Fear & Greed Index in neutral territory at just below $60,000.
Network fundamentals were similarly unfazed by the week's events with the hash rate staying near all-time highs and difficulty still on track to rise modestly at the next readjustment due Nov. 27.
Fellow trader Pentoshi meanwhile identified the area between $59,000 and $61,000 as the point at which it would be prudent to reenter with spot longs should that area be successfully reclaimed.
Gave local top and bottom on $ETH— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) November 19, 2021
How I plan to trade it. Looking for LH from here to 4570. *IF* 4570 is flipped then happy to buy back higher
Playing for LH and a 2nd leg down to 36xx
Same with $BTC looking for 59-61. If reclaim = buy back otherwise looking for LH
If = then https://t.co/judmSGFoIu pic.twitter.com/OhyBcpH7uN
"Overall, super cycle and lengthening cycle for Bitcoin is still the case," Cointelegraph contributor Michaël van de Poppe added.
On the topic of altcoins, Ether (ETH) constituted one of the most solid performers out of the top-10 cryptocurrencies by market cap Sunday, amid broadly flat action.
Despite Saturday's abrupt upturn, BTC/USD was still around 1.8% higher.