Futures analysis: sellers intensify pressure on Bitcoin

On November 19, the price of Bitcoin fell to $55,650, and over the following couple of days recovered to $60,000. On Monday, the price of the first cryptocurrency began to fall again: at the time of publication it had reached $56,000.

On which levels will the current correction stop? We analyse price levels of Bitcoin and Ethereum on the cryptocurrency exchange Bybit.

BTCUSD

At the start of the week, sellers could not hold the price above $58,000. As a result of the downside impulse, Bitcoin updated its local low at $55,200.

The next strong support is at $53,000. With the current negative market dynamics, the price of BTCUSD could reach it in the coming days.

If it breaks $53,000, Bitcoin could test the rising trendline that formed at the lows of $29,500 (July 21) and $40,700 (September 29).

ETHUSD

The situation in the ETHUSD market ETHUSD looks better: buyers managed to hold the asset price above the support level of $4,030.

If Bitcoin’s price continues to fall, Ethereum could likewise drop to support near $3,600.

Conclusions

Bitcoin and Ethereum prices have not yet completed the correction after the unsuccessful test of $60,000 and $4,400 at the end of last week.

For a resumption of growth, strong buyers are needed at the support levels of $53,000 for Bitcoin and $3,650 for Ethereum.

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