Bitcoin Price Analysis— November 7

BTC continues to trade along my eighteen-day-long descending trendline, following another sharp rejection from the $64,000 top. However, the flagship cryptocurrency has recorded a decent rebound since the correction to the $60,000 psychological support and aims to retake the $63,000 zone. That said, bulls need to hold above the $61,785 critical juncture (bolstered by the 4-hour 50 SMA) to sustain the current bullish momentum. A bullish resurgence seems likely to occur in the near term, as my MACD indicator resurfaces out of bearish conditions.

Meanwhile, my resistance levels are at $62,000, $63,000, and $64,000, and my key support levels are at $61,000, $60,000, and $59,000.

Total Market Capitalization: $2.76 trillion

Bitcoin Market Capitalization: $1.17 trillion

Bitcoin Dominance: 42.4%

Market Rank: #1