Close this search box.

Bitcoin (BTC) Price Analysis – Big Sell-off for Bitcoin, What’s happening?



Table of Contents

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above $57,000 and is looking quite bearish in the short term. The price has been falling consistently for the past several hours and is headed towards the $54,000 level as predicted in our previous analysis. BTC has currently found some support around $57,000 but it is likely that we will touch the lower levels soon before making any huge moves toward the upside.

Bitcoin (BTC) Price Analysis 2021 November 22

Are you looking to trade Bitcoin? Sign-up on Phemex with our link and get a bonus of up to $4,100 on your first deposit. (Bonus may vary based on deposit amount)


Analyzing the Charts

If we take a look at the 1-hour charts we can see that we sort of formed a double-top pattern before the sell-off was triggered. Bitcoin was struggling to break above the $60,000 mark and facing multiple rejections in that region resulted in a sell-off.

Bitcoin Price Analysis 2021 November 22

Strong resistance around $60,000 means that bears are currently in control and are trying to push the price lower. However, if we look at the 4-hour charts, we can see a falling wedge for Bitcoin.

BTC Price Analysis 2021 November 22

A falling wedge is usually a bullish pattern and has a higher probability of breaking towards the upside. We can now expect BTC to come down and retest the bottom of this falling wedge before bouncing back again. It also means that the $54,000 level is still in play and we could fall further.

Bitcoin (BTC) Price Analysis 2021 November 22

If we break out of this falling wedge in the coming week, we will be extremely bullish on Bitcoin in the short term. We will stay patient till then and trade cautiously.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is currently going through a correction and we can expect it to bounce back soon in a week or two. Fundaments are still looking strong for the crypto giant and we are extremely bullish in the long term. Right now we will be watching this falling wedge closely and once we break out of it we would not be hesitant to long BTC.


How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.



Related Post

Comments are closed.

Buy / Sell Bitcoin

Rating: 89%

Claim up to $8,800 in Bonus


Rating: 85%

World’s largest crypto exchange

Our Favourite Trading Platforms


Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage


Rating: 91%

Claim up to $7,000 in Bonus

100x Leverage

Follow Us