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Last chance to see BTC at $50,000!

Although Bitcoin is falling, this is only a small correction before the next big move. Check out this article by BTCNEXT analysts and find out what’s going to happen!

10–23 November main events

  • Biden signs an infrastructure plan. The President of the United States signed a bill to raise $1.2 trillion for infrastructure renewal, without amendments, in favor of crypto industry representatives. Many crypto users fall under the classification of “broker”.
  • DeFi project ParaSwap launches airdrop. Decentralized exchange liquidity aggregator ParaSwap has issued a PSP governance token and conducted a 150 million coin airdrop involving 20,000 wallets.
  • The court approves a plan to reimburse Mt.Gox’s creditors’ Bitcoins. The Tokyo District Court has approved a civil rehabilitation plan for the bankrupt Mt.Gox exchange. The timing and size of the payments, as well as details of the procedure, will be disclosed later.

Price analysis

For the third day in a row, the daily candles are closing below the psychological level of $60,000. We should expect several bearish days and then continued growth. We have a wide support range of $53,000-$50,000, through which the main uptrend line passes. Above $60,000 we have resistance at $62,000, in the range of $63,350-$64,855 and at $67,000. When the daily candles begin to close above the range of $63,350–64,855, we can count on recovery and a new high above $74,660.

The Fear and Greed index rose to the neutral zone of 50 points. Open interest fell under the support of $24 billion. Funding fell by -0.01, which indicates the presence of shorts and this is the future fuel for growth. Purchases began to appear in the feed of deals, but Bitfinex hasn’t started buying yet, which means that we are still in a downward movement.

A sideways trend should be expected, followed by a decline to the $55,555-$53,000 range, from where the price will turn around and push up beyond $60,000. Taking into account the resumption of purchases on the CME exchange by a large commercial, as well as the continued opening of long positions by institutions, a stronger decline should not be expected. The alt season will also continue.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official website.

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BTCNEXT — the future of crypto exchange is here. We offer high level security, adjusted trading fee, margin trading. Exchange to change your life for better!

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