Bitcoin Daily: Bitcoin Price Spikes Above $57,000


Bitcoin has continued a trend of surprising price spikes, passing $57,400 for a brief time on Wednesday (Nov. 24), a report from Cointelgraph says.

The data from Cointelgraph Markets Pro and TradingView shows BTC/USD moving erratically within familiar price ranges, reaching $57,875 on Bitstamp around that day. They failed to hold, as buyer support still waned closer to $60,000 resistance.

The market was still less inspiring, and some highlighted the similarities between 2021 and other recent bull market years. Twitter account TechDev said that it was “almost time” for the relative strength index for bitcoin to come back around, and that price would follow, too.

According to TechDev’s analysis of previous years, the current cycle could top out at around $300,000.

Meanwhile, Pentoshi, a fellow trader, said the coin should be traded until it hits $60,700, and then held, so that long positions can be planned. Pentoshi said sellers “have seemed weak at the lows.”

But other coins reportedly did quite well on Wednesday, with ether trading up 4.7% as of the report time, valued at $4,290, and was the best performer in the top 10 cryptos.

Meanwhile, Zcash was an outlier in that it gained 26% after comments from Digital Currency Group founder Barry Silbert. The report notes that Silbert tweeted out a ticker to try and hike the price of the coins.

Venmo has debuted a feature allowing customers to set price alerts for bitcoin, ethereum, litecoin and bitcoin cash, the four coins available on Venmo’s platform.

PYMNTS writes that Venmo’s new program will give customers alert when those cryptos rise in price or fall by 5% or 10%.

See also: Venmo Unveils Crypto Price Alert Tool

Customers will be able to turn on price alerts through the crypto homepage on the Venmo app, where they’ll be able to toggle their options and customize which alerts they want.

Since April, Venmo has been offering customers the ability to buy and sell crypto, with a study by the company showing that 30% of users were already working with cryptos or equities, and 20% of those had started doing so during the pandemic.

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