Bitcoin Price Analysis: BTC On Sale At $54,000 On Black Friday

By Nancy Lubale
Published November 27, 2021 Updated November 27, 2021
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Bitcoin (BTC) has already dipped below $60,000, but overall BTC price action suggests that the amazing 2017 bull run is still in play

Bitcoin Price Analysis: BTC On Sale At $54,000 On Black Friday

By Nancy Lubale
Published November 27, 2021 Updated November 27, 2021

Black Friday delivers a rare buying opportunity right on cue for Bitcoin investors, with black Friday living up to its name in the cryptocurrency market this year. Bitcoin is down 20.88% from its November 10 all-time high above $69,000. Bitcoin price dropped as low as $53, 706, the lowest in six weeks.

Today’s crash was triggered by South Africa’s exclusive warning about a rapidly spreading new coronavirus variant. With the steep drop in global stock markets and the U.S. stock index futures, cryptocurrencies also bore the burn.

This is the second crash this week after the one that was triggered by India when earlier this week a screenshot of the Indian Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was leaked. The Crypto Bill is scheduled to get listed for the upcoming winter session in the Indian parliament starting on 29 November. Following the leak, the crypto market was flooded with speculations about a crypto ban given the confusing brief in the screenshot.

These crashes continued today as Bitcoin lost 8% on the day with a market cap dropping 7% over the same period to $1.02 trillion.

Bitcoin Price Decline Offers A Good Entry Opportunity

At the time of writing, Bitcoin price is trading at $54,355 and is sitting on robust support at $53,706 close to the 100-day Simple Movign Average (SMA). If the big crypto drops below this level, Bitcoin price could drop to tag the $51,642 support floor.

If this happens, investors should not be worried, however , because the fall will arguably offer a golden entry opportunity.

The downward movement of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators accentuate this bearish narrative. The nose-diving RSI and its position at 36.70 indicate that the bears are firmly in control of the Bitcoin price.

BTC/USD Daily Chart

Bitcoin price

On the upside, if BTC closes the day above the immediate resistance at $58,946, it will rise above the $59,000 level to tag the resistance posed by the 50-day SMA at $60,718. A decisive bullish breakout will be seen once Bitcoin reclaims the $60K level and break out above the 50-day SMA after which the November 15 range high above $66,000 will be the next logical move.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nancy Lubale
100 Articles
Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance. Follow her on Twitter @NancyOmanga for more insights