Despite the bearish correction that began on November 2, the Bitcoin price could hold above $60000. After falling to the area of 60800, the price was able to return above $61000 and calm down a bit.
The driver of the decline in the price of Bitcoin was the result of the FOMC meeting. The committee decided to start curtailing the quantitative easing program. As a result, investors calmed down, and interest in Bitcoin decreased slightly.
The Bitcoin price has technical and fundamental prerequisites for continued growth. However, to confirm the increase, the BTC/USD pair must break up the formed triangle, which is offering resistance around 62500 on the hourly chart.
The bulls are optimistic, and the fear and greed index confirms it. The index value reached 74.
At the time of publication, the BTC/USD pair is trading at 61500, trying to break through the immediate resistance in the area of 61800-61900. The next resistance in the form of the 100-hour moving average and downtrend line is in the area of 62200. However, the main resistance is in the area of 62500. A break above this level will allow the bulls to start a new rally. In this case, we expect a breakdown of the 63500 level and a movement to the 64000 area. A move above this level would retest the mark of 67000.
If the BTC / USD pair completes today below the level of $ 60,950, then further decline is possible. The main support is in the $ 60,000 area, below which the price could accelerate the decline.