Bitcoin Price Analysis — November 18

As mentioned earlier, BTC is in an intense bearish row as bulls struggle to keep the price above $59,000. Interestingly, the benchmark cryptocurrency currently trades within a descending channel and rests above the base of this technical pointer. This base coincides with the $59,000 support, indicating that bulls should succeed in defending this level. Additionally, my 4-hour MACD indicator shows that the price could witness a rebound soon as it emerges from bearish conditions. That said, with the BTC Fear and Greed index at neutral conditions, I expect a steady rebound towards $63,000 over the coming days.

Meanwhile, my resistance levels are at $61,000, $61,785, and $63,000, and my key support levels are at $59,000, $58,000, and $57,500.

Total Market Capitalization: $2.60 trillion

Bitcoin Market Capitalization: $1.12 trillion

Bitcoin Dominance: 43.2%

Market Rank: #1