Bitcoin Price Analysis: BTC Looks To Reverse Losses, Push Towards $60,500 

Daily Bitcoin BTC Price Forecast

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Last Updated November 18th 2021
5 Min Read
  • The current session sees buyers and sellers vying for control, with the price around $60,200. 
  • BTC has been quite bearish during the current week and had slipped below the 20-day SMA on Tuesday. 

The Bitcoin price managed to stay above $60,000 during the marketwide slump, as buyers managed to stabilize the price and the 50-day SMA acted as support. BTC has been bearish all week, falling by almost 3% on Monday. The bearish sentiment persisted on Tuesday, with the price dropping below the 20-day SMA and settling at $60,628. Wednesday saw BTC remain fairly static, as the price registered only a marginal drop. The current session sees buyers and sellers vying for control, with the price marginally down.

Bitcoin Price Chart Indicates Buyers And Sellers Vying For Control 

The Bitcoin price started the previous week on a bullish note, as the price pushed up by over 6% on Monday. However, the price fell back on Tuesday, dropping to $67,159. Wednesday saw the drop continue, with sellers pushing the price down by over 3% to $65,080. After a marginal increase on Thursday, BTC fell back on Friday, dropping by 1.09% and settling at $64,427.

Image: BTC/USD daily

BTC/USD daily chart 111821

The Bitcoin price posted a recovery over the weekend, as the price rose by 0.50% on Saturday. It pushed up further on Sunday, rising by 1.79% and settling at $65,909. However, the price fell back despite the positive weekend as BTC started the current week in the red, dropping by almost 3% on Monday. Tuesday saw the price continue to drop, as it slipped below the 20-day SMA and fell to $60,628.The price remained relatively static on Wednesday before dropping marginally during the current session.

We can see that the MACD is quite bearish, indicating that the price could drop during the current session.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $62,089. At this price level, over 1 million addresses have sold more than 555,000 BTC. BTC also has support at around $59,252. At this price level, more than 919,000 addresses have sold over 499,000 BTC.

Image: IntoTheBlock 

BTC/USD volume chart 111821

Looking at the 4-hour Bitcoin price chart, we can see that BTC had dropped below the 20-bar SMA on the 10th, with the price dropping to $65,122. However, BTC recovered from this level, rising marginally before dropping to $63,381, slipping below the 50-bar SMA. The price pushed up from this level, rising to $65,031, but with the 20-bar SMA acting as resistance, the price was pushed down to $64,265. The price then rose to $65,950, pushing above the 20 and 50-day SMAs, before turning bearish and dropping below all three SMAs to settle at $61,047. The price continued to drop from this level below $60,000, dropping to $59,006.

Currently, BTC is at $59,960, with the Parabolic SAR still bearish, indicating a price drop. However, if the price recovers, we could see it flip to bullish.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 111821

Global X To Offer Variety Of Bitcoin Futures ETF

Global X’s ETF will join other recently launched Bitcoin-linked offerings in the US market. However, the firm’s product goes beyond just investing in futures contracts. In addition to long positions on US-listed Bitcoin futures contracts, the Global X Blockchain & Bitcoin Strategy ETF (BITS) invests in the equity securities of global issuers that the firm believes are positioned to benefit from further advances in blockchain technology. 

These include companies that "derive, or expect to obtain, at least half of their revenues, operating income or assets from digital asset mining or blockchain-related applications, transactions, integration and hardware," according to reports.

BITS could also invest in US companies that own digital assets, which would help it gain access to blockchain companies indirectly through ETFs. Global X Research Analyst Matt Kunke told Blockworks:

“As blockchain technologies advance and digital assets see increased adoption, we believe there will be winners across both equities and digital assets themselves, and therefore we want to maintain exposure to both pieces of the theme’s ecosystem."

The fund comes after the launch of the first bitcoin futures ETF in the US - the ProShares Bitcoin Strategy ETF (BITO), which hit the market on October 19. Valkyrie Investments’ Bitcoin Strategy ETF (BTF) launched three days later. 

Aussies Look To Buy Crypto Christmas Gifts: Survey

More than a quarter of Australian crypto users surveyed in October plan to use digital assets as a part of their Christmas presents this holiday season. The survey by crypto wallet and services provider Crypto.com polled 2,020 Australians aged 18-59. Of those that had used crypto over the past 12 months, 26% responded that they would consider giving some away for Christmas or buying crypto-related gifts.

More than half, or 53% of those planning to buy crypto gifts, said they would consider purchasing crypto assets, like Bitcoin or Ether, for their loved ones this Christmas.

The survey also found that crypto merchandise such as themed socks or hoodies might be popular gifts this holiday season, as 43% of those planning to buy crypto-centric gifts said they were looking for these items.

Around 42% said they were thinking about buying coin vouchers. 35% were considering crypto books. Around a third of those surveyed said they were thinking about gifting non-fungible tokens (NFTs).

A September survey of 1,000 respondents by Finder found that one in six Australians now own cryptocurrency, with the total asset value adding up to $8 billion. Around 9% of Australians surveyed own Bitcoin, 8% own Ethereum, and 5% own Dogecoin.

Bitcoin Price Is Expected To Reach These Levels 

Looking at the Bitcoin price chart, we see that BTC is still in the red for the current week. If the current trend continues, we could see BTC drop below $60,000 to $59,300.