Bitcoin Price Analysis — November 23

As projected in my last analysis, BTC has acquired some bullish undertone after breaking above my descending channel around $57,000. This break comes as bears repeatedly failed to sustain a break below the $56,000 pivot line. That said, the benchmark cryptocurrency now battles with the $58,000 mark bolstered by the 4-hour 50 SMA line. A clean break above this level in the coming hours or days should place BTC back on track to taking the $60,000 psychological resistance and the $63,000 pivot zone.

Meanwhile, my resistance levels are at $58,000, $59,000, and $60,000, and my key support levels are at $56,700, $56,000, and $55,500.

Total Market Capitalization: $2.59 trillion

Bitcoin Market Capitalization: $1.08 trillion

Bitcoin Dominance: 41.9%

Market Rank: #1