Bitcoin Price Analysis: BTC Surges Past $58,000 After Strong Recovery During Current Session 

Daily Bitcoin BTC Price Forecast

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Last Updated November 26th 2021
6 Min Read
  • The Bitcoin price has pushed past $58,000 during the ongoing session, as buyers look to move the price beyond $59,000. 
  • BTC had started the week on a fairly bearish note, dropping by almost 6% on Monday. 

The Bitcoin price has moved back past $58,000 during the ongoing session, with buyers in control of the market. BTC had started the week in the red, as the price dropped to $56,335 after registering a drop of 5.795. The price did recover on Tuesday, as it pushed to $57,678 but fell back in the red on Wednesday, registering a marginal drop and falling to $57,378 before rising back above $58,000 during the current session. 

Bitcoin Price Chart Indicates BTC Could Push Past $59,000

The Bitcoin price had started the previous week on a very bearish note, as the price fell by 3.30%, dropping to $63,736. On Tuesday, the price continued to drop as BTC slipped below the 20-day SMA and settled at $60,275. Wednesday saw a marginal recovery, but the price was back in the red on Thursday, with BTC registering a drop of over 6%, slipping below the 50-day SMA and settling at $56,704. However, despite the bearish sentiment, BTC pushed up significantly on Friday, rising by 2.51% and settling at $58,128.

Image: BTC/USD daily

BTC/USD daily chart 112621

The Bitcoin price continued to push up on Saturday, rising to $59,914, where the 50-day SMA was acting as resistance. As a result, BTC registered a marginal drop on Sunday before falling by almost 6% on Monday and settling at $56,335. On Tuesday, the price recovered, pushing to $57,678, before falling back in the red on Wednesday and registering a marginal drop. The current session sees BTC back in the green, with the price currently up by over 2%.

We can see that the Parabolic SAR is currently bearish; however, if the price continues to push up, we could see it flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC has strong support at around $56,335. At this price level, over 1.7 million addresses have bought over 1 million BTC.

Image: IntoTheBlock 

BTC/USD volume chart 112621

Looking at the 4-hour Bitcoin price chart, we can see that BTC had dropped to $55,906 after failing to get past the 20-bar SMA. BTC pushed up significantly from this level, as it rose to $59,903, pushing above the 20-bar SMA. With the 20-bar SMA acting as support, the price could stay at this level until the 22nd, when the price slipped below the 20-bar SMA and dropped to $57,246. The price pushed back from this level, rising to $58,222 but could not get past the 20-bar SMA and fell to $56,063. BTC rose from this level once more, rising to $57,802, but the 20-bar SMA pushed the price back down once again, with BTC dropping to $56,371. From this point, BTC made a strong recovery, pushing above the 20-bar and 50-bar SMAs and settling at its current level of $59,000.

We can see that the MACD is currently bullish, indicating that the price could push higher.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 112621

Kazakhstan Turns To Nuclear Plant To Retain Mining Migrants

Kazakhstan’s president Kassym-Jomart Tokayev recently suggested the construction of a nuclear power plant to keep up with Bitcoin mining migrants, per Nikkei Asia reports. At a recent meeting, Tokayev told bankers:

“Looking into the future, we will have to make an unpopular decision about the construction of a nuclear power plant."

Kazakhstan’s only nuclear power plant closed in 1999. Despite the country’s status as a leading producer of uranium, citizens remain uneasy after years of atomic weapons testing under the Soviet Union. Kazakh health authorities estimate 1.5 million citizens were exposed to nuclear fallout from 110 tests between 1949 and 1963. 

However, 1,200-megawatts worth of demand (pegged to be the result of incoming Bitcoin miners from neighboring China) have resulted in several power cuts across the once energy-rich country. Kazakhstan’s hashrate quadrupled to over 18% after welcoming Bitcoin miners ousted from China earlier this year.

The Central Asian nation was rated the second-largest Bitcoin miner globally as of August. According to the Cambridge Bitcoin Electricity Consumption Index’s IP data, Kazakhstan trailed the US, which controlled over 35% of the world Bitcoin mining power.

To fuel the Bitcoin mining influx, demand on the country’s energy supply increased around eight times more than its usual 1-2% annual growth.

In October, the country’s largest coal-fired power plant Ekibastuz-1, went offline. The Kazakhstan Electricity Grid Operating Company (KEOC) partially blamed Bitcoin miners for the outage.

>2.64M Shares Of GBTC Added By Morgan Stanley Funds In Q3

Morgan Stanley bought additional Grayscale Bitcoin Trust shares for its funds in Q3, per regulatory filings. The shares are worth over $120 million. The Morgan Stanley Insight Fund (CPODX) reported having 1,520,549 shares of GBTC as of September 30. It had 928,051 shares of GBTC as of June 30, per a separate filing.

The Morgan Stanley Institutional Fund’s Growth Portfolio reported holding 3,642,118 shares of GBTC at the end of Q3, compared to 2,130,153 at the end of the prior quarter. The offering’s Global Opportunity Portfolio holds around 1,463,714 shares of the trust, the filing indicated, up from 919,805 three months before.

In a research note, Morningstar Analyst Bobby Blue said that 47 mutual funds and separately managed accounts held GBTC as of September, the most of any crypto investment product. He noted that Ark Invest is one of the largest holders of the trust’s shares, investing about $375 million through its Ark Next Generation Internet ETF and its SMAs and model portfolios.

GBTC, a grantor trust, currently has $36.7 billion assets under management. The fund’s 2% expense ratio and limitations as a trust have led to substantial differences between the returns of the product and the returns of bitcoin itself, he added. 

The offering had returned 42% in 2021 as of October 29, according to Morningstar data.

Is Stripe Bringing Back Crypto Payments 

Stripe co-founder John Collison has hinted that the company may accept crypto as a payment method again after ending Bitcoin support in 2018. Speaking at the Fintech Abu Dhabi festival Tuesday, Collison hinted that cryptocurrency payments were not out of the question for the financial services company. 

When asked whether Stripe would start accepting cryptocurrencies as a payment method again, Collison said that while the firm does not yet, it is “not implausible” that it would in the future. Collison’s comment marks a change in sentiment. Stripe ended support for Bitcoin payments in 2018, citing extreme volatility and a lack of efficiency in making day-to-day payments as reasons for dropping the top cryptocurrency. 

With the advent of more efficient crypto payment systems, Stripe may now see cryptocurrencies as more viable for payments. Collison added:

“There have been a lot of developments of late with an eye to making cryptocurrencies better and, in particular, scalable and acceptable cost as a payment method.”

He went on to add that blockchains like Solana and innovations such as Bitcoin’s Lightning Network have the potential to fulfill the role of scalable, low-cost crypto transactions. 

Founded in 2009, Stripe has quickly become the largest privately-held fintech company in the US. The company has attracted investment from venture capital funds such as Sequoia Capital and Andreessen Horowitz.

Bitcoin Price Is Expected To Reach These Levels 

Looking at the Bitcoin price chart, we can see that BTC has made a strong recovery during the current session. If the current sentiment persists, we could see BTC push towards $59,100.