BTC/USD Drops to $58.6k Low as Bitcoin Consolidates Above $60k
BTC/USD Is in a Downward Correction as Bitcoin Consolidates Above $60k -November 17, 2021
BTC/USD has fallen to the $60,000 psychological price level as Bitcoin consolidates above $60K. BTC price fell to $58,600 low as bulls bought the dips. This will be the third time, the cryptocurrency will be revisiting the previous low in November. The market is expected to resume upward as bulls bought the dips.
Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000
On November 16, BTC’s price broke below the 21-day line moving average for the first time since it retested the $68,000 overhead resistance. The breakdown extended to the support above the 50-day line moving average. In other words, Bitcoin is trading in the middle of the two moving averages. Bitcoin will be compelled to a range-bound if price remains in the middle of the moving averages.
In the meantime, buyers are defending the 50-day line moving average to prevent Bitcoin from further decline. BTC price is attempting to find support above the 50-day line moving average. If 50-day line support holds, the market will resume upward to break above the 21-day line moving average. A breakout above the 21-day line moving average will propel BTC price to rise and retest the $67,000 to $68,000 resistance zones. Conversely, if the bears break below the 50-day line moving average, the market will decline to $52,676.
Australian Baseball Athletes and Staff to Receive Salaries in Bitcoin
Australian baseball club, Perth Heat is making arrangements for Bitcoin payment processor, OpenNode to accept and make payments in Bitcoin. The joint venture allows Perth Heat to pay professional players and staff in Bitcoin. Also, the partnership with OpenNode will allow the Perth Heat organization to accept Bitcoin payments for sponsorships, merchandise, and other revenue streams. Australian baseball club, Perth Heat has also rebranded itself as “the Bitcoin baseball team.”. It listed Bitcoin-branded merchandise on its official website.
Also, it indicated a long-term commitment to mainstream Bitcoin adoption, the announcement stated: “As part of this sporting world exclusive, Perth Heat will hold Bitcoin on the club’s balance sheet.” According to the club’s “chief Bitcoin officer,” Patrick O’Sullivan: “The club has already established an initial position in BTC to help secure its digital property rights on the world’s most secure monetary network and will continue to reinvest available capital into Bitcoin. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.”
From the chart, Bitcoin declined to $58.600 and pulled back as Bitcoin consolidates above $60K. The downtrend is presumed to reach bearish exhaustion. Meanwhile, on November 10 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.618 Fibonacci extension or $58, 326.10. Bitcoin has tested the Fibonacci level and reversed above it.
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