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BTC set to break out of $60k level

Bitcoin fell 1.43% to $ 56,950 on Tuesday, November 30. The BTCUSDT pair rose to an intraday high of $59,176. Buyers hit the brakes after Fed Chair Powell’s testimony before the Senate Banking Committee. Risk assets took a hit from his comments as the regulator is considering winding down its monthly bond buying program several months earlier than expected. The rise in the DXY index was short-lived. On Wednesday, the dollar has lost ground to most major currencies.

Ether pared all losses against the dollar and retraced to a weekly high. Over the past five sessions, ETH is up 17%. The demand for altcoins in pairs with BTC puts pressure on the BTCUSD pair.

By the time of writing, BTCUSD was trading at $57,779. On the hourly TF, resistance is located at $60,800. Buyers have managed to hold the price action above $56k. They need to gain a foothold above the psychologically important $60k level. It will be easier to move higher at that point. On the weekly TF, the next targets have shifted to $74,700 and then $86k.

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