Bitcoin rises as US stock market opens as $ 60,000 level forecast to hit

A familiar scene as US stock trading begins sees BTC’s price action heading for formidable resistance at $ 60,000 and above.

Bitcoin (BTC) found the start of US trading with a bang on December 1 when the Wall St. open triggered an uptrend above $ 58,500.

Analyst: $ 56,000 Level May Represent Resistance Change

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair gained 2% in an hour on Wednesday, canceling most of the overnight losses.

The pair had hit $ 59,000 the day before in a similar time move before giving up progress to dip to local lows of $ 56,700 on Bitstamp.

For Cointelegraph contributor Michaël van de Poppe, hope had returned that Bitcoin would now challenge stiff resistance at $ 60,000.

As Cointelegraph reported, the area at and above $ 60,000 now represents the resistance level to break and hold to ensure bullish continuation.

Recent events appeared to make such a scenario less likely in the near term, as resistance intensified and support at lower levels, conversely, evaporated.

However, as was the case at the beginning of the year with the $ 30,000 bottom, there is hope that $ 50,000 will continue to form the trend line.

Meanwhile, the November close marked the first failure in a long-standing Bitcoin pricing model to capture BTC price performance. Analyst PlanB’s floor model predicted a month-end price of $ 98,000.

Ethereum is within 5% of all-time peaks

Altcoins took advantage of Bitcoin’s latest surge, with the top ten cryptocurrencies by market capitalization posting gains of up to 6% on the day.

Ether (ETH) returned to a surprising distance of $ 5,000, this accompanied by continued strength against Bitcoin.

The ETH / BTC pair reached 0.083 BTC on December 1, marking its highest level since May and near-challenging levels since 2018.

“ETH is only + 5% away from hitting new all-time highs,” noted trader and analyst Rekt Capital.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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