A headache for Bitcoin bulls is compounded by a raging US dollar, as investors sit on the fence over which way the market will go.
Bitcoin (BTC) begins a new week with a rare disappointment for its Q4 bull run — failing to crack previous support.After a promising weekend, BTC/USD ultimately saw rejection at $60,000 twice, and has since headed below $57,000 as market momentum wanes.The stakes are high: some believe that sky-high Bitcoin price targets can still be met by the end of the month, while others believe that this bull market will take longer to play out than previous ones. With November looking ever more likely to break with tradition and underdeliver — both compared to recent months and old bull market years — traders and analysts are gearing up for a nerveracking but potentially interesting monthly close.Cointelegraph takes a look at five factors that could shape BTC price action in the final week of a uniquely stressful "Moonvember."$60,000 flips to resistanceFor most of the weekend, the mood among analysts was simple: "it could be worse."After hitting five-week lows of $55,650, BTC/USD managed to claw back some of its losses, and on Saturday even "gapped higher" to take a swing at $60,000.This was ultimately unsuccessful, but Sunday saw a further attempt, Bitcoin enjoying a few brief minutes in the $60,000 range before a firm rejection sent the market tumbling once again.At the time of writing Monday, $57,000 is forming a focus, with the clear impetus that what was once solid support has flipped to resistance.Popular trader Pentoshi summarized the mood, reiterating his desire for $61,000 to be reclaimed as support for bullish continuation.$BTC why 61k important? Bc support bc came resistance.