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Technical Analysis for BTCUSD for 5th November 2021

BTC/USDT Flatlines above $60k, are Bitcoin Bulls losing Grip?

Responding to Mayor Francis Suarez's decision to take his salary cheque in Bitcoin, the new Mayor of New York City, Eric Adams, will take his first three in BTC. Their decision marks another politician-driven front in Bitcoin adoption.

Past Performance of BTC

There might be bear attempts after a solid close of October. 

However, the uptrend remains clear, and buyers are firmly in control. 

Week-to-date, IOTA bulls outperform the greenback, indicators of strength.

What to Expect of BTC

There is a tinge of weakness, but buyers are confident. 

Despite this upbeat outlook by traders, a slide below the $58k may shift the tide to favor sellers in the short-to-medium term. 

In that case, BTC may slide to $53k in a retest. 

However, a recovery from spot rates, unwinding losses of November 4, and syncing with gains early this week may be the foundation for another move higher above $64k towards all-time highs at $67k—or better.

Bitcoin Technical Analysis

BTC/USDT prices are moving inside a wedge, with sellers gaining traction. 

The inability of buyers to plug the bleed of the past two days raises concerns, calling into question the strength of buyers. 

Still, BTC bulls stand a chance above the support zone of between $58k and $60k. 

As mentioned, losses below the lower limit may see BTC drop to $53k. 

On the upper end, confirmation of the November 2 bar will reposition BTC above the middle BB, drawing demand and potentially driving the coin above $64k in a buy trend continuation.

Resistance level to watch: $64k

Support level to watch: $58k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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