BTC/USD Analysis – November 22, 2021

Bitcoin Price Prediction

The BTC/USD closed at $58,790.0 after hitting a high of $60,047.0 and a low of $58,624.0. BTC/USD dropped on Sunday after rising for two consecutive sessions amid the latest warning from Hilary Clinton. According to American politician and former Democratic presidential candidate Hilary Clinton, the rise of bitcoin and alternative cryptocurrencies could have a negative impact on the global economy. She was unhappy with the global financial network's implementation of cryptocurrencies and said that today's world was facing new challenges like disinformation, artificial intelligence, and cryptocurrencies.

Clinton said that digital assets were grabbing the public's attention due to their interesting and exotic nature. However, she warned that digital assets present a threat to the US dollar and that adopting cryptocurrencies can destabilise whole nations. Clinton also warned about Russian President Vladimir Putin and said that he has a large mercenary force operating everywhere from Syria to the Central African Republic. She said that Putin has an extensive stable of hackers who deal in disinformation and cyber warfare. She said that all eyes were on China, but the US government should not forget Russia. These comments from the first lady of the United States from 1993–2001 as the wife of President Bill Clinton, added a negative impression on the whole cryptocurrency market, which added to the loss in BTC/USD.

On the other hand, El Salvador's President, Nayib Bukele, announced the launch of Bitcoin City, which will be funded initially by $1 billion in bitcoin bonds. The initiative was sought to celebrate Bitcoin's mainstream adoption in the country and increase citizen participation. The development of Bitcoin City will see the proactive involvement of prominent crypto companies, including cryptocurrency exchange Bitfinex and Adam Back's Blockstream. The exchange Bitfinex will support El Salvador's Bitcoin City initiative by launching a securities platform to hold the bitcoin bonds. This news caused a further loss in BTC/USD over the weekend.

Furthermore, the US dollar's strength was also the reason behind the declining prices of the BTC/USD over the weekend. On Friday, the greenback was high against its rival currencies, hovering around the 96.24 level, which ultimately added negative pressure on the leading cryptocurrency as both share a negative correlation. The bullish comments from Fed officials, who stated that faster tapering could lead to a faster than expected interest rate hike, added strength to the US dollar on Friday.

BTC/USD Intraday Technical Levels

Support Resistance

58260.4 59683.4

57730.7 60576.7

56837.4 61106.4

Pivot Point: 59153.7

BTC/USD - Technical Outlook

Bitcoin's price struggled to recover over the $58,500 barrier level. BTC briefly surpassed the $60,000 mark, but there was no discernible positive momentum. As a result, the price began a new drop below $59,200. The price was trading below the $58,500 support level and the 100 hourly SMA. Moreover, there was a breach below a significant bullish trend line with support near $59,200.

Bitcoin dropped below the 50% Fib retracement level of the rising wave from the swing low of $55,674 to the high of $60,050. It is currently trading below the $58,500 mark and the 100 hourly simple moving average. The $57,350 level provides instant help. It is close to the 61.8 percent Fib retracement level of the ascending wave from the swing low of $55,674 to the high of $60,050.The first significant support is already emerging near $56,500. A breach below $56,500 on the downside could result in more losses.

Major support is located between $55,500 and $55,000. Any more losses might set the stage for a move towards the $52,000 support zone in the near term. The first significant resistance is located near the $58,500 level and the 100 hourly simple moving average. The next significant barrier is located near the $59,200 level, above which the price is exposed to the $60,000 level.