Bitcoin enters last days of “Moonvember” with surprise 7% daily candle

Welcome to the Cointelegraph Markets weekly newsletter where we take a look at the influential factors behind Bitcoin price action for the days ahead.

View this email in your browser Markets Outlook Bitcoin enters last days of "Moonvember" with surprise 7% daily candle "People who are selling don't remember March 2020." — grublés Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. If surging into the start of the week is getting tiring, Bitcoin doesn't care — this Monday is suspiciously similar to many others in Q4 this year. After falling heavily last week, BTC/USD had a flat weekend before abruptly heading higher and, at least so far, retaining its reclaimed ground. In Bitcoin, however, anything can happen, and against solid resistance at $60,000 and continuing concern on macro markets over the coronavirus, the latest gains are far from guaranteed to stick around. With the monthly close now less than two days away, Cointelegraph takes a look at what could end up impacting BTC/USD at this critical end-of-month stage. Continue reading to discover five things worth taking note of when charting where Bitcoin is headed. Just when you started to believe the "bear market" Bitcoin is back from the pit of its 21% correction and currently taking aim at $60,000 — a solid resistance zone. Could it be for good this time or just another "fakeout" like several others this month? Battered sentiment is already improving, but rising funding rates run the risk of BTC/USD gaining too much too soon. Echoes of March 2020 It seems all too familiar for those who witnessed the events of March 2020 — a BTC price implosion followed by a rebound that practically never stopped. Can November 2021 end up as a tribute to that same setup? Commentators believe that the consequences for Bitcoin will be less drastic this time around. For now, it is volatility that is causing BTC some unwelcome, if familiar, bad publicity — even as this also remains comparatively docile. Is $50,000 the new $30,000? It could be, judging from fresh key evidence about the composition of exchange orderbooks. Not only is $50,000 demand the most solid since $30,000 earlier this year but both those bids and the resistance at $70,000 have been generated by the same entity. The curious status quo nonetheless paints $70,000 as the ceiling to break through to continue the long-anticipated 2021 bull run. Tracking gold and Fibonacci sequences Beyond Tuesday's monthly close, the coming weeks are arguably just as important for determining Bitcoin's trajectory. BTC price forecasts are many and varied, but what happens next will be "do or die" for correlations involving gold and the 2017 bull run. As more and more traders see this year's gains taking longer to materialize, it could nonetheless be February 2022 before a price paradigm becomes obvious. Who's afraid of $60,000? In the meantime, though, it seems few are concerned about the $60,000 sell wall. The majority of a large Twitter survey, which ended Monday, believes that BTC/USD will finish November above that level. Sadly, however, it is unlikely to reach the infamous $98,000 "worst-case scenario" that many had hoped for this month. 2 million people follow us on social media Download our official app:

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