BTC/USD Trades in a Tight Range as Bitcoin Fluctuates Above $56k

BTC/USD Is in a Sideways Trend as Bitcoin Fluctuates Above $56k- November 30, 2021

Bitcoin’s (BTC) price has retraced from the $59,000 resistance to the $56,000 support as Bitcoin fluctuates above $56K. BTC/USD fluctuates between $56,000 and $58,000 price levels. In the lower time frame, long candlesticks wicks are pointing to the $59,000 resistance zone. The long candlestick wicks indicate that the $59,000 resistance zone is strong selling pressure.

Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000

Bitcoin is trading below the moving averages. Bitcoin bulls have an uphill task. First, they will push BTC prices above the moving averages and break above the $60,000 psychological price level. In the meantime, Bitcoin is consolidating above the $56,000 support to retest the $58,000 resistance level. Bitcoin will rise if the price breaks above the $58,000 resistance. Similarly, if the bears break below the $56,000 support and the bearish momentum is sustained, the market will decline on the downside. The consolidation of BTC price will continue above the $56,000 if the range-bound levels remain unbroken.

CBDC Is an Instrument to Battle Bitcoin, Says Juda Agung

Central Bank of Indonesia assistant governor Juda Agung has said that introducing Central bank digital currencies (CBDC) would be an effort to address the use of crypto in financial transactions. The Central Bank of Indonesia is intending to launch a digital rupiah to “fight” against cryptocurrencies like Bitcoin. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions. Presently, `Bitcoin is currently traded alongside commodity futures and regulated by the trade ministry despite severe impacts on the financial system.

Presently, BTC/USD is trading in a tight range between $56,000 and $58,000 price levels as Bitcoin fluctuates above $56K. The cryptocurrency has been fluctuating after its rejection from the high of $59,000. Bitcoin will resume up trending if the $58,000 resistance is breached.

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