BTC/USD Analysis – November 29, 2021

Bitcoin Price Prediction

The BTC/USD ended the day at $57,325.0, having reached a high of $57,469.0 and a low of $53,482.0.On Sunday, BTC/USD continued its upward momentum for the second day and recovered most of its losses from the previous session. Recently, the Bank of England governor, Andrew Bailey, raised concerns about bitcoin being used as legal tender in El Salvador. He cited the latest warning from the International Monetary Fund (IMF) against the use of BTC as legal tender and said that he was worried that the citizens of El Salvador did not even understand the nature and volatility of the BTC.

El Salvador passed a bitcoin law in September, making the cryptocurrency legal tender alongside the US dollar. In response to the latest comments from Bailey, the President of El Salvador, Nayib Bukele, mocked the concerns shown by Bailey. He raised questions about the "genuine concern" shown by BOE for the people of El Salvador.

On the other hand, the author of Rich Dad, Poor Dad, Robert Kiyosaki, revealed that he was buying more BTC and ETH due to rising inflation concerns. He stressed that inflation was a tax on the poor and middle-class people, making the rich richer.

Kiyosaki and Sharon Lechter co-wrote Rich Dad, Poor Dad in 1997 and have been on the New York Times Best Seller List for almost six years, with over 32 million copies sold in over 51 languages in 109 countries. In this inflationary period, Kiyosaki has stated that he will acquire additional gold, silver, bitcoin, Ethereum, rental real estate, and oil.

In October, Kiyosaki said that President Joe Biden and the Federal Reserve were ripping off poor people and predicted that the US was sliding into a depression. He said that Biden and the bank needed inflation to prevent depression and that the two were corrupt. He warned that a giant crash was coming, followed by a new depression, and recommended that people buy gold, silver, and bitcoin. The fact that Kiyosaki recommended buying bitcoin added strength to the leading cryptocurrency and pushed its prices higher.

BTC/USD Intraday Technical Levels

Support Resistance

54715.0 58702.0

52105.0 60079.0

50728.0 62689.0

Pivot Point: 56092.0

BTC/USD - Technical Outlook

Bitcoin price gained support near $53,500 and began a new upward trend. BTC smashed over the $55,000 resistance zone, kicking off a solid recovery wave. It is presently trading above the $57,000 mark as well as the 100 hourly simple moving average. On the upside, an immediate barrier is near the $58,000 mark. It's near to the 76.4 percent Fib retracement level of the bearish move from the swing high of $59,376 to the swing low of $53,576.

The next significant resistance is located near the $61,200 level. Any further advances might push the price up to $62,000 in the short term. If bitcoin fails to break over the $58,000 barrier level, it may begin a new downturn. On the bearish side, there is support near the $57,200 level. The first significant support is already emerging near $56,500. The next significant support is near the $56,000 level and the 100 hourly SMA, below which the price may resume its drop towards the $55,000 support. Any further falls might send the price over.