Bitcoin Recovers from the Downtrend as It Challenges the $17,200 High

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Bitcoin (BTC) Current Statistics
The current price: $17,133.58
Market Capitalization: $359,805,128,975
Trading Volume: $359,805,128,975
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

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Bitcoin (BTC) Price Analysis November 30, 2022
Bitcoin’s (BTC) price has increased after rising over the 21-day line moving average line. The price of BTC reached a high of $17,275 today. The 21-day line SMA was broken by the rebound, indicating a further rise to the 50-day line SMA. In other words, the price of Bitcoin will increase to $20,000. or $21,500 price levels. The $17,200 high is currently acting as a first barrier for the price of Bitcoin. If buyers manage to get past the resistance of $17,200, the current upswing will extend to the prior highs. In contrast, if buyers are unable to get through the resistance at $17,200, Bitcoin will continue its range-bound movement between levels of $15,500 and $17,200.

Bitcoin Technical Indicators Reading
According to the Relative Strength Index period 14, Bitcoin has recovered since it reached level 34. The price of BTC has surpassed the 21-day SMA, indicating additional gains. The price bars are in between the moving average lines, suggesting that the cryptocurrency may move in a range. Since the daily Stochastic is now above level 80, Bitcoin has entered an overbought zone. There is no longer any bearish movement in the price movement.

BTCUSD(WeeklyChart)

Key Highlights
BTC price regains bullish momentum
Bitcoin recovers from a downtrend as it targets the $20 high

Conclusion
Bitcoin’s (BTC) price has reversed a previous decline. Sellers made an effort to break through the $ 15,588 support, which would have indicated that the decline was about to resume. The price of Bitcoin has risen back above the $16,102 support today. The price range for BTC/USD between $15,500 and $18,150 is where it was previously range-bound.

BTCUSD(DailyChart)

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