Last week, a leverage shakeout sent the price of Bitcoin below $60K for the first time since November 1, 2021. The price of Bitcoin was around $58K, and everyone was imagining the worst when they talked about a Bear Market.
A week later, the worst has not happened, and we are still in a Bull Market. On the other hand, it seems that the price of Bitcoin has settled into a consolidation phase. Its price has been moving between $55.5K and $60K for the past week. The $55K support has held up so far, and the $60K is a resistance that the Bitcoin price did not get to break on November 21.
Despite this, the signals remain green for Bitcoin. The Bitcoin RSI indicates that Bitcoin is now oversold and the current sideways movement between 35 and 40 is Bullish:
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