BTC/USD Fluctuates Between $59k and $64k as Bitcoin Revisits $60k – November 4, 2021
On November 2, BTC/USD declined again after rejection from the $64,000 high as Bitcoin revisits $60K. This will be the second time, the bulls have failed to keep BTC prices above the $64,000 high. The failure of the bulls resulted in a sharp decline to $60,175 low as bulls bought the dips. The bottom line is that Bitcoin will resume upside momentum when the resistance levels of $64,000 and $67,000 are breached.
Resistance Levels: $60,000, $65,000, $70,000
Support Levels: $50,000, $45,000, $40,000
Following the rejection at the $64,000 high, Bitcoin slumped to $60,175 as bulls continue to buy the dips. In the previous price action, buyers intended to keep the price above the $64,000 high and breach the next resistance at $67,000. This will signal the resumption of upside momentum. It will ensure that buyers push Bitcoin above the $70,000 psychological price level. Today, BTC price pulled above the 21-day SMA and resumed consolidation above it. Buyers will retest the recent high to break it as long as the 21-day support holds. However, if the current support fails to hold, the market will decline and resume a range-bound move within the price range.
El Salvador Plans to Build 20 ‘Bitcoin Schools’ From Bitcoin Trust
President Nayib Bukele has said that profits or the “surplus” from the state’s Bitcoin Trust account will be channeled into the construction of 20 schools. The press secretary of the president tweeted: “When this project was started, we had not made as much money in FIDEBITCOIN [state BTC Trust account] as we have made now. So we have decided to make the first 20 Bitcoin Schools.” It was reported that the construction of the 20 new schools will complement the growth of cryptocurrency education for locals and be part of the 400 schools planned for the “My New School” program.
Meanwhile, Bitcoin is trading in a confined range between $59,800 and $64,000 as Bitcoin revisits $60K. The cryptocurrency has continued to fall after its rejection from the $67,000 high. It has broken below the moving averages. The price action is indicating bullish candlesticks for a possible upward move. There is a long candlesticks tail pointing to the $60,000 support. The candlestick indicates that the current support has strong buying pressure.
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