Technical Analysis

BTC/USD Analysis – November 24, 2021

By LonghornFX Technical Analysis
Nov 24, 20213 min

Bitcoin Price Prediction

The BTC/USD was closed at $57,602.0 after reaching a high of $57,866.2 and a low of $55,460.0. After declining for two consecutive sessions, BTC/USD turned bullish on Tuesday. The same cryptocurrency that was once considered a scam and was associated with black money has now been taught in higher education institutions. Many students are opting for cryptocurrency and blockchain degrees rather than pursuing traditional degrees in economics or finance. The rising demand for these degrees has prompted universities to add crypto-related courses, including DeFi.

UNIC-University of Nicosia is one of the first universities in the world to offer blockchain courses, having interviewed two students, and it is also the first university to accept Bitcoin for tuition payments. UNIC offers two Master’s degrees in blockchain, including blockchain and digital currency and computer science.

This week, El Salvador was preparing to launch a $1 billion bond, out of which half of the funds will be utilized to fund building a bitcoin city, and the other half of the funding will go toward buying more bitcoin. Earlier this year, El Salvador voted to deploy Bitcoin as legal tender in that country, which pushed the leading cryptocurrency to an all-time high of $69 thousand per coin a few weeks ago, before dropping approximately 20% since the peak on Nov. 10. The news that El Salvador is preparing to build a bitcoin city added support to the price of BTC/USD.

Furthermore, Regal, which has over 500 sites and 7000 screens in 42 states, including D.C., announced a partnership with digital payment network Flexa to allow customers to pay for theater tickets and food and beverages in cryptocurrency. A wide variety of coins and tokens are accepted by Regal, like BTC, ETH, LTC, DOGE, USDC, DAI, GUSD, LINK, ATOM, and more. This news also added more upward momentum in BTC/USD.

Meanwhile, American football star Odell Beckham Jr. has said that he will take his new salary in bitcoin. He further stated that he would give away $1 million in cryptocurrency in a partnership with Square’s Cash App. This announcement strengthened the top cryptocurrency, BTC, like other elite players, like Russell Okung, Tom Brady, Saquon Barkley, and Sean Culkin began to be paid in bitcoin.

BTC/USD Intraday Technical Levels

Support Resistance

56086.0 58492.2

54569.9 59382.3

53679.9 60898.4

Pivot Point: 56976.1

BTC/USD - Technical Outlook

Bitcoin price made another effort to break well above the $58,000 resistance level, however, BTC failed to generate enough traction to break through the $57,500 and $58,000 resistance levels.

An immediate support level is around $56,300. It is near to the 61.8 percent Fib retracement level of the upward run from the swing low of $55,362 to the high of $57,850. The first significant support is already emerging near $56,000. The key breakdown support is still at $55,500.

A breach below $55,500 on the downside could result in more losses. In the mentioned instance, the price could fall below the $55,000 mark. The next big support level might be at $53,200.


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