Futures analysis: Bulls defend a key support level

On November 28, Bitcoin price fell to $53,300, posting a seven-week low, before rebounding to $56,300 a few days later.

Is the uptrend likely to resume? Analysing Bitcoin and Ethereum price levels on the Bybit cryptocurrency exchange.

BTCUSD

After an unsuccessful attempt to break the $58,000 resistance, Bitcoin’s price fell sharply to the $53,000 support level, where bulls began buying the cryptocurrency aggressively.

However, the price could not clear the $58,000 resistance. If the current negative momentum persists, BTCUSD could slide again toward the $53,000 support area. If this level holds, a consolidation in the $53,000-$55,000 range with a subsequent rally and a move above $58,000 should be expected.

If Bitcoin breaks through $53,000, it could test the uptrend line formed at the July 21 low of $29,500 and the September 29 low of $40,700.

ETHUSD

Last week, buyers of Ethereum managed to hold the price above $4,000.

Conclusions

After a retreat to $53,300, the leading cryptocurrency showed a tepid recovery and failed to clear resistance at $58,000.

For the market to advance, Bitcoin must consolidate in the $53,000-$55,000 range.

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