Bitcoin (BTC) Price Prediction: BTC/USD Trades in a Tight Range as Bitcoin Fluctuates Above $56k

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Bitcoin (BTC) Price Prediction: BTC/USD Trades in a Tight Range as Bitcoin Fluctuates Above $56k

BTC/USD Is in a Sideways Trend as Bitcoin Fluctuates Above $56k- November 30, 2021

Bitcoin’s (BTC) price has retraced from the $59,000 resistance to the $56,000 support as Bitcoin fluctuates above $56K. BTC/USD fluctuates between $56,000 and $58,000 price levels. In the lower time frame, long candlesticks wicks are pointing to the $59,000 resistance zone. The long candlestick wicks indicate that the $59,000 resistance zone is strong selling pressure.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

Bitcoin is trading below the moving averages. Bitcoin bulls have an uphill task. First, they will push BTC prices above the moving averages and break above the $60,000 psychological price level. In the meantime, Bitcoin is consolidating above the $56,000 support to retest the $58,000 resistance level. Bitcoin will rise if the price breaks above the $58,000 resistance. Similarly, if the bears break below the $56,000 support and the bearish momentum is sustained, the market will decline on the downside. The consolidation of BTC price will continue above the $56,000 if the range-bound levels remain unbroken.

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