With the number of strong support levels increasing for bitcoin (BTC), the bitcoin bears are facing an uphill battle.
The latest addition to the list is the support of the trendline connecting the November 2011 low and August 2016 low, currently at $5,830. Till Oct. 31, the two important support levels were the 21-month EMA and the trendline drawn between the June low and August low.
More importantly, the 21-month EMA was the level to beat for the bears till last month, meaning a close below that EMA was seen reviving the sell-off from the record high of $20,000.