Bitcoin Price Analysis — November 21

Following the recent plunge to the $53,760 low, which aligned with my previous $56,100 - $53,755 pivot zone, BTC recorded a mild bullish recovery near the $60,000 mark, although recorded a minor dip to the upper-$58,000 area earlier today. This minor correction aligns with my eleven-day-long descending channel, indicating that this channel is crucial to the near-term price action of BTC. That said, as long as the benchmark cryptocurrency holds above the $58,000 support, we could expect to see a break above the $60,000 barrier soon. However, failure to sustain itself above the cryptical $58,000 level could trigger another correction to the base of my channel at $54,000.

Meanwhile, my resistance levels are at $60,000, $61,000, and $61,785, and my key support levels are at $58,000, $57,500, and $56,700.

Total Market Capitalization: $2.64 trillion

Bitcoin Market Capitalization: $1.11 trillion

Bitcoin Dominance: 42.3%

Market Rank: #1